Opinion / Christopher Lord
Capital injection
I’ve just returned from a few days reporting in Mexico City, a place that intensely captured me. I stayed downtown which, despite its ornateness and abundance of history, feels industrious; a place where people still make things. It reminded me at times of Istanbul. That might sound odd given that one sits on the chilly Black Sea and the other is ringed by the humid Sierra Madre but both have been vast urban cityscapes since time immemorial.
Like Istanbul, Ciudad de México (CDMX) has historically attracted lots of expats, especially Americans. And given that the border has remained open throughout the pandemic, the city is currently booming. Upon landing, my phone pinged with several people sending me an article from the Los Angeles Times about how rents are ballooning, Mexican social media is vitriolic and flyers have been popping up around town telling remote workers, in vigorous language, to go home.
When asked about this, most Mexicans roll their eyes, saying that this is a minority view. Greater CDMX is vast, home to more than 21 million. Expats concentrate themselves in a few gentrified neighbourhoods. No doubt rents there have driven up. There’s also a broader speculative problem: you can also find shiny new apartment blocks totally devoid of tenants, bought and sold off-plan to investors. Yet few of these buyers are the beatific-looking Americans with laptops in Roma Norte’s cafés, many of which are Mexican-run and are capitalising on the rise in traffic.
Everyone I asked returned to one point: come for the city, not the price cut. Yes, living costs here might be a fraction of those in Los Angeles but no one wants their city spoken of as the cheap alternative. Indeed, like Istanbul, it’s not cheap for many locals and there’s a similarly fierce pride of place, which I found infectious and alluring. I can see why people stick around.
Christopher Lord is Monocle’s US editor.