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There are housing insecure people who need housing now and not some nebulous time in the future when the market could, theoretically, correct itself. Markets ar
by heavyset_go 5y ago
There are housing insecure people who need housing now and not some nebulous time in the future when the market could, theoretically, correct itself. Markets are notorious for remaining irrational in the face of obvious market forces that should, theoretically, influence them. While we wait for housing to trickle down, people will go without homes, possibly for decades. It's a classic market failure, and doubling down on "markets but more this time" might not exactly help, either.
- gwright 5y ago> It's a classic market failure If you mean classic "free" market failure, then I would disagree. The housing market is replete with constraints that are imposed by government. I think it is more accurate to say that it is a classic regulatory failure (at least in some jurisdictions).
- digisign 5y agoUnhindered housing markets haven't been allowed to exist for fifty years. Homes for people of limited means, outlawed for almost a century. https://en.wikipedia.org/wiki/Single_room_occupancy https://en.wikipedia.org/wiki/Single_room_occupancy