President Trump has criticized the new U.S. Embassy in London again, insisting it’s in a “lousy” location, that it’s “horrible.” He says the old one was at “the best site in all of London.” What the president’s missing is that this is exactly the point. He really should know this, given his own background in real estate.

As we all know, there are only three things to consider in real estate: location, location, and also location. You put the grand apartments where people who can afford grand apartments wish to live, retail space where people congregate with already loaded wallets ready to shop, and so on. The important implication of this is that it doesn’t matter where you put the things that people must go to. Therefore you put them in the cheap areas.