I was running up and down the stair case in my apartment building. Have you ever thought about why these safety requirements look they way they do? Why is this staircase so big? Why do you need this many sprinklers?
So, I thought this fire stair case is in valuable real estate in my high rise building. But how much does it cost to install such required features? The cost approach doesn't work because there is more value associated where it is in the building. This space could go to apartment. It could go to some room that someone will pay for. The market rate is not that good either. It is not just the space itself that is valuable. It is safety that is really what is being valued. How much can you allocate to safety?
I am not sure that markets can value you that correctly because there is no monetary value for a human life. The market does not put values on humans because it is not just a item but a living and conscious being. Maybe governments should regulate what the market cannot accurately value.... by accurately value, I mean that the little voice inside of you can live with it.
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