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And that, ladies and gentlemen, is how economics works. Lots of people want it? It's going to be expensive. Nobody wants it? It's going to be cheap. I, too, wou
by maximilianch 10y ago
And that, ladies and gentlemen, is how economics works. Lots of people want it? It's going to be expensive. Nobody wants it? It's going to be cheap. I, too, would like to live in a huge mansion in Beverly Hills for $3 a week. But should I complain that I can't?
- beedogs 10y ago"Posted from my iPhone during my interminable, soul-sucking 90-minute commute."
- zasz 10y agoThe other half of how it works is that when demand is high, supply should increase to meet it. The reason supply remains constricted and hence prices high has nothing to do with economics, and everything to do with NIMBYists hostile to newcomers.
- kyledrake 10y agoThe other thing is that, as this article points out, this isn't just pure "supply and demand", because the government is pouring subsidies on property ownership, pushing interest rates to 50-year lows, and offering tax incentives for owning homes. None of which gets passed to the majority of renters who end up paying the higher rates. It's a very good point and it's worth talking about.
- pascalxus 10y agohostile doesn't even begin to describe it - there's outright hatred (and alot of ignorance of supply/demand). Sadly, we're getting to the point where people would rather make the housing problem even worse, rather than allow more tech people or anyone else for that matter to move into the city. Just lately they passed proposition C, which will reduce the overall housing supply even more.