>In reality, housing construction is very limited; it’s being restricted by zoning and permitting laws. Because developers can only build a few new units, they’

>In reality, housing construction is very limited; it’s being restricted by zoning and permitting laws. Because developers can only build a few new units, they’re building luxury, since that’s the most profitable. Having more space thanks to laxer regulations would just mean that they build even more and even bigger luxury housing because it would still be the most profitable. Besides, one of those permitting laws they absolutely loathe are laws that say that they must build a certain percentage of affordable housing (not mentioned in this article because that would be inconvenient). These articles are so disingenuous. They're telling you that the solution to your housing woes, caused by and large by the ultra-wealthy, is to give into the ultra-wealthy's demand that they shouldn't face laxer regulation. We know how that story always ends. The solution to housing shortage in high cost of living cities is and always has been to build high quality government housing. Singapore provides a stellar example of what that would look like. Literally the day a program like that is announced prices and rents would tumble. >The global elite argument really falls apart here. No it really doesn't. The global elite will happily swallow up all available prime real estate in their portfolios and A) tell you to fuck off to cities with no jobs if you complain about the house prices and B) tell you that the lack of jobs in nowheresville is your problem since you chose to move there. THEY'RE the problem.