THIS IS MY HOTEL IN PARIS. THE PRICE IS THREE HUNDRED DOLLARS PER NIGHT. YES. FOR THIS. BY
COMPARISON I CAN PAY LESS AND LITERALLY STAY AT THE RITZ CARLTON IN DUBAI OR I CAN STAY
IN THIS LUXURY HOTEL IN DOWNTOWN MIAMI. PRICES ARE EXPENSIVE HERE. IT'S EXPENSIVE. HERE'S THE
PROBLEM: PARIS IS THE FIFTH MOST EXPENSIVE CITY TO RENT A TWO-BEDROOM APARTMENT IN. BUT BASED ON
MONTHLY SALARIES IT RANKS AS THE 22ND HIGHEST PLACE FOR A MONTHLY SALARY WHICH MEANS IT KIND
OF SUCKS TO LIVE HERE. THERE IS REALLY A SHORTAGE OF APARTMENTS. BUT I WANT TO KNOW TWO THINGS WHY
IS PARIS SO EXPENSIVE? ESPECIALLY BECAUSE IT'S NOT LIKE IT'S AN ISLAND LIKE MANHATTAN OR HONG
KONG. AND I ALSO WANT TO KNOW WHY DOES EVERYONE I INTERVIEW TELL ME THIS: UM BUT IT'S WORTH IT
TO YOU OH IT DEFINITELY IS FOR ME IT'S WORTH IT. VERY PROUD TO BE IN PARIS AND TO BE FRENCH. THE
EXCITEMENT OF A CITY'S LIGHTS AT NIGHT PARIS CITY OF GAIETY. WHAT I THINK OF PAIR PARIS I THINK IT'S
LIKE NEW YORK A LOT MORE BEAUTIFUL THAN NEW YORK. IT'S BEAUTIFUL. THIS IS THE FANCIEST GROCERY STORE
YOU WILL EVER FIND HERE YOU CAN FIND A CROISSANT FOR FIVE DOLLARS. ALMONDS ELEVEN DOLLARS. ELEVEN
DOLLARS FOR FIGS. I'VE NEVER SEEN A LUXURY STORE THAT'S JUST SO FANCY AND LUXURIOUS. BUT OKAY
THAT'S FOR RICH LOCALS I GUESS WHAT IF YOU'RE JUST A TOURIST. HERE IS WHAT YOU'LL BE PAYING:
ONE CAPPUCCINO FIVE DOLLARS THE PRICE TWENTY DOLLARS FOUR DOLLARS. PARIS IS PRICEY,
AND HERE IS WHY: THERE IS A HUGE GAP WHEN IT COMES TO SUPPLY AND DEMAND OF HOUSING OVER THE PAST 10
YEARS THERE'S BEEN A 64% SURGE IN THE PRICE PER SQUARE METER OF HOMES HERE AND ON AVERAGE FOR
A TWO-BEDROOM APARTMENT YOU'LL BE LOOKING AT A PRICE OF $2,455. I THINK IT'S THE RENT THAT IS
THE MOST EXPENSIVE ASPECT OF PARIS THIS IS EVEN MORE CRAZY WHEN YOU CONSIDER THAT THE MONTHLY
WAGES ARE REALLY LOW COMPARED TO OTHER MAJOR CITIES. THAT'S WHY WE HAVE TO PAY A LOT WHEN WE
WANT TO RENT A FLAT OR WHEN WE WANT TO BUY A FLAT. IN PARIS THE MONTHLY WAGES ARE UNDER FOUR THOUSAND
DOLLARS PER MONTH. COMPARE THAT TO FOUR THOUSAND FIVE HUNDRED DOLLARS IN LONDON OR FIVE THOUSAND
SEVEN HUNDRED DOLLARS IN NEW YORK. AND YET DESPITE ALL THIS THERE IS A HUGE DEMAND FOR PEOPLE TO WANT
TO LIVE AND WORK HERE THE WHOLE ECONOMIC ACTIVITY IS IN PARIS MOSTLY SO THERE IS REALLY A SHORTAGE
OF APARTMENTS I THINK THAT'S WHY SO WHY IS THERE SUCH A LOW SUPPLY OF HOUSING WELL THINK ABOUT THIS
HAVE YOU EVER NOTICED PARIS IS NOT A CITY OF SKYSCRAPERS I MEAN YOU SEE THEM ALL OVER NEW
YORK LONDON AND LOS ANGELES BUT NOT IN PARIS WELL THAT'S BECAUSE FOR DECADES THERE HAVE BEEN STRICT
LAWS LIMITING THE HEIGHT OF BUILDINGS YOU WERE NOT ALLOWED TO BUILD ANYTHING MORE THAN 11 STORIES BUT
SINCE 2010 LAWS ARE STARTING TO EASE AND ALLOWING NEW BUILDINGS TO BE HIGHER ULTIMATELY TO CREATE
MORE HOMES BUT IT COULD TAKE YEARS OR EVEN DECADES BEFORE THE RESULT OF THOSE LAWS EASING ACTUALLY
HELPS THE HOUSING SHORTAGES HERE SO IS IT WORTH ALL THE MONEY TO LIVE HERE SURE FOR ME IT'S WORTH
IT I THINK BECAUSE PARIS IS A REPRESENTS A LOT OF A LOT OF PEOPLE IN FRANCE SURE BUT ALSO FOR
FOREIGNERS IN EUROPE AND ABROADS IT'S BECAUSE FRANCE IS A VERY RICH COUNTRY IN TERMS OF HISTORY
CULTURE AND I THINK WE ALL HAVE THIS IMAGE EVEN WHEN YOU'RE FRENCH OF THIS BEAUTIFUL CITY I AM A
TOURIST IN PARIS SO I THINK WHEN I WALK AROUND I AM BASICALLY LIKE ANY OTHER TOURISTIA AND SERVICE
YOU KNOW GOOD ENTERTAINMENT GOOD NIGHT LIVE PEOPLE LOVE PARIS AS WELL SO THERE'S A LOT OF
TOURISTS HERE IT IS A TOURISTY CITY BUT THERE'S A REASON FOR IT TO BE VERY TOURISTY IT'S BEAUTIFUL I
ALSO MEET YOUNG FRENCH CITIZENS WHO ARE PROUD TO BE LIVING IN PARIS VERY PROUD TO LEAVE IN
PERSON TO BE FRENCH IT'S A BEAUTIFUL CITY AND IT'S A BEAUTIFUL COUNTRY I MEAN I'M NOT FROM
PARIS BUT IT'S BEEN A VERY LONG TIME I WANTED TO COME TO PARIS AND LIKE I MANAGED TO DO AND
I'M VERY HAPPY SOMETIMES FRUITS BUT WE HAVE A LOT OF THINGS TO DO I THINK A LOT OF YOUNG PEOPLE ARE
THINKING ABOUT GOING TO UH ASIA US CANADA BECAUSE THEY LOVE PARIS BUT SOMETIMES YOU NEED SOMETHING
NEW IN YOUR LIFE WHEN YOU'RE YOUNG IT'S EASIER FOR YOU TO MOVE I KNOW A LOT OF YOUNG PEOPLE BETWEEN
20 TO 30 MOVE TO OTHER COUNTRIES PEOPLE ALSO COME BACK TO PARIS AT 13 BETWEEN 13. SOMETIMES
THEY'RE WORTH IT AS LONG AS YOU YOU'RE AMBITIOUS AND WILLING TO WORK TO GET LIKE A PROPER WAYS TO
PAY YOUR RENTS IT'S IT'S FINE IT'S EXPENSIVE BUT I THINK IT IT'S DEFINITELY WORTH IT IT'S A NIGHTLIFE
CULTURAL LIFE FOOD EVERYTHING I THINK YOU CAN FIND THE ABEST OF EVERY ASPECT OF FRANCE IN PARIS