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It's a fair point. In practice, why is it that so many housing markets seem to be broken? Is there a way to fix them, or only mitigation?
by ridaj 6y ago
It's a fair point. In practice, why is it that so many housing markets seem to be broken? Is there a way to fix them, or only mitigation?
- sampo 6y ago> why is it that so many housing markets seem to be broken? Current residents have a vote in local elections. Current residents can organize lobbying groups that oppose new homes. Aspiring future residents don't have comparable political power. People who move to cities are young and poor. Then they make a career, benefit from the strong economy, become old, wealthy and experienced. Then they want to deny from the next generation the same benefits they enjoyed when they were young. Old rich people have both experience and financial means to influence politics, young and poor people don't.
- imtringued 6y agoHousing markets aren't broken. It's the location itself. Stop trying to think of the market as its own thing where you can just pull some levers. Instead you have to think about how the real world is broken and the market is just a summary of how broken it is.