4 ms·
Fine. Maybe the Bay Area is the best place for those types of people. Your illustration demonstrates why it should be more expensive to live there.
by rb808 9y ago
Fine. Maybe the Bay Area is the best place for those types of people. Your illustration demonstrates why it should be more expensive to live there.
- derefr 9y agoMore expensive, yes; exponentially more expensive, no. Those market forces alone don’t account for the cost of living; that’s entirely down to zoning laws preventing high- or even medium-rises.
- ch4s3 9y ago> should be more expensive to live there I didn't say anything about should or shouldn't. I was putting forth the idea that it is uniquely attractive to companies and workers. If housing were a normal market, supply would rise to meet demand, and the market could arrive at some sort of equilibrium. The present situation only serves rent seeking interests, and I believe that as a matter of public policy we should prioritize a broader set of stakeholder needs. On a macro level, prioritizing the interests of rent seekers is economically sub optimal, and transfers wealth from workers, companies, and consumers to land owners.