Today I Learned (TIL)

Resort towns face an exaggerated version of this crisis. Havens beset by the 1 percent—like Jackson Hole, Wyoming; Vail and Aspen, Colorado; and Nantucket, Provincetown, and the Vineyard in Massachusetts—have seen working- and middle-class housing disappear. Seasonal rental properties, including Airbnbs, often cannibalize the market. In one extreme case, Boston-area investor David Malm has spent nearly $100 million since 2021 buying up properties on the Vineyard and Nantucket, including a house in Edgartown that he rents for $45,000 per week.