You're referring to a type of supply curve that rises sharply to the right as demand increases and where that supply curve has limited ability to react in a new

You're referring to a type of supply curve that rises sharply to the right as demand increases and where that supply curve has limited ability to react in a new equilibrium. Small increases in demand result in large increases in price but extra supply cannot be brought to the market to push pricing down. This is mostly true in cases with artificially limited supply. You mention real estate, which is a good example in cities where (1) large employers are moving in, (2) zoning is constrained, and optionally (3) extra land is difficult to get, either because of geography or sprawl. Most goods are not like this. Food, for example, does not typically have permanently higher prices after an increase in demand, because the supply curve will also change (additional supply is provided). Same with televisions, cars, refrigerators, computers, household consumables, etc. Therefore, I don't think it makes sense to throw out the baby with the bathwater: yes, real estate is not a normal market for a variety of reasons, but that doesn't mean that spreading dollars around doesn't work for everything else. Real estate may need some special solutions, such as relaxing zoning laws, housing subsidies, evaluating code impact on construction costs, mass transit investment to increase travel efficiency, property tax on vacant properties, etc.