> most of the subsidy ends up pocketed by the sellers in the form of increased house prices This is true if the housing supply is inelastic. But the long-run s

> most of the subsidy ends up pocketed by the sellers in the form of increased house prices This is true if the housing supply is inelastic. But the long-run supply of housing services is very elastic[^1]. Also spending money to build housing is inflationary. [^1]: https://www.rand.org/content/dam/rand/pubs/reports/2009/R2846.pdf https://www.rand.org/content/dam/rand/pubs/reports/2009/R284...