Yet if you sum the value of property its very unusual for the net worth of a city to exceed the net worth of its metro area suburbs. Lets explore the concept in detail with automobiles.
Most people buy compact commuter cars, lets say. It really doesn't matter what kind of car is the most expensive car, that probably being sports cars. The price of a Ferrari being a large multiple of the price of a Honda Civic means surprisingly very little, or at least it should...
In 2015 about 300K honda civics were sold for lets say $19K each vs 7664 Ferrari sales for $400K each in the USA.
Yes I understand perfectly that the typical Ferrari sells for $400K and a Civic sells for $19K so apparently market clearing prices for Ferrari's dwarfs prices for Civics by a factor of almost exactly 21. Clearly we should socially engineer all our car laws to greatly encourage Ferrari ownership and all our social signalling memes should revolve around the superiority of Ferrari ownership.
However... 300K Honda Civics at 19K is roughly $5.7B in sales. And Ferrari sales of 7664 cars at $400K is almost exactly $3B. Clearly the marketplace has spoken and Ferraris and Civics are roughly equal in the marketplace and should be equal in the world of memes and social signalling.
But wait, there's 300K civic owners and 7664 ferrari owners. Clearly the socially engineered car laws should favor civics, not ferraris.
The world of property is somewhere between the 2nd and 3rd examples. The first example is simply irrelevant.
Cities have some expensive properties and proportionately no one lives there. I'm well aware that culturally its a huge social mistake to pretend anything or anyone matters other than the big cities, regardless how few live there. Most people want the suburb life that we must be convinced to socially engineer laws to destroy.