And the Aspen rich get sarcastically richer
November 16, 2017
Why are people upset that Aspen's affordable restaurants are closing? I think it's great.
It's happening because they can't afford the rent. Restaurants, especially low-priced ones, are vulnerable to high rents because they spend a higher proportion of operating expense on labor than many other businesses. That leaves less available to cover rent.
So what? I own all the buildings in the commercial core; I love the higher rents I can get from businesses other than cheap restaurants. I especially appreciate Aspen's "enlightened" land-use rules that prevent construction of more buildings and space that would compete with me and force me to settle for cheaper rents.
Besides, I have a private chef at home. Who needs an affordable restaurant?
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