A couple problems: > houses do not have intrinsic price tags New housing does, or at least it has a minimum price tag. A builder selling housing for less than

A couple problems: > houses do not have intrinsic price tags New housing does, or at least it has a minimum price tag. A builder selling housing for less than it cost them to build will not be building much housing! > Line up every person in the city in order of how much they're willing to spend on a home. People can freely move downmarket, but can't freely move upmarket, so the demand is moving opposite the supply.