There is a moment that repeats itself in coastal cities all over the world. A buyer stands in a finished apartment on a high floor, looks at the water, and decides. The architecture has done its job. The glass line is uninterrupted, the terrace is deep enough to hold a table, the light is exactly what the renderings promised.
Then, somewhere between four and fourteen months later, a different document arrives. It is not beautiful. It is a spreadsheet, or a letter from a management company, or a line item on an annual budget, and it explains that the monthly cost of living in that apartment is meaningfully higher than the figure the buyer had in their head.
This article is about that second document.



