DC's New Gentrifiers: The 'Mega-Rich' Who Invest in Influence, Not Innovation
According to the Financial Times , the ultra-wealthy are flocking to Washington D.C., seeking opulent homes near 'decision makers.' (As if proximity to power is some new, profound concept for the rich.) What the FT’s report delicately omits, of course, is that these 'decision makers' often become such profitable proximity objects not through public service, but through the legalized bribery of
campaign donations and lobbying expenditures. For example, OpenSecrets.org reveals that the 'defense' industry alone spent over $120 million on lobbying in 2023, funding the very politicians who then approve their multi-billion dollar contracts for endless wars overseas. Or, consider the American Israel Public Affairs Committee (AIPAC), which contributed over $20 million to federal candidates in
the 2022 election cycle. These aren't just 'donations'; they are down payments on policy, ensuring a comfortable return on investment for those buying access. So, when the FT marvels at the 'mega-rich' deciding Washington D.C. is a prime investment, are we to believe it’s for the vibrant cultural scene, or perhaps the unparalleled opportunity to buy influence over US foreign and domestic policy?
One might wonder how many of these affluent new residents manage to secure private dinners with lawmakers who, just weeks prior, received generous 'campaign contributions' via Super PACs. It's not just real estate appreciating in D.C.; it's the stock value of political access.