Economic illiteracy, Exhibit A. The definition of elastic demand is that there is change in demand given a change in price. College students and tech workers,

Economic illiteracy, Exhibit A. The definition of elastic demand is that there is change in demand given a change in price. College students and tech workers, who will pay anything for their place, are examples of demand inelasticity. The demand keeps going up, despite the price. Though, I suppose you have a point, considering the global market. There are enough houses in the United States for everybody to live. It’s just that more people want to live in the Bay Area than in Detroit, so we’re double- and quadruple-packed here while entire neighborhoods go empty there. And then, skyrocketing house prices attract speculators, who will bid against people who actually belong here and keep the price rising as long as possible.