[isoos]

This looks like a common pattern at other places too: you won't get "best-neighborhood" wealth from being first- (or sometimes even second-)generation high achiever. The root cause seems to be that there are usually more high achievers than properties in good neighborhoods, and old wealth erodes slowly (may take a generation or two), so there is very little pressure for old occupiers to sell their properties.

[knallfrosch]

Why would anyone sell a property that continues to rise in value? Rent it out and vote against all construction, so it gets more valuable all the time.

Not even Covid and 100% Remote seems to have stopped the trend.

[brodo]

That, and income is highly taxed but property isn’t.