> We lost <1% of housing stock, it’s not like we’re rebuilding a leveled city. In a shortage, marginal consumers wipe out the consumer surplus. The new margina

> We lost <1% of housing stock, it’s not like we’re rebuilding a leveled city. In a shortage, marginal consumers wipe out the consumer surplus. The new marginal consumer is now a multi-millionaire. Housing prices will spike dramatically in LA, in every neighborhood, for a decade. That frictional pain is going to make the median person mad, and harm many peoples’ lives. We should talk again in a year when that new reality has settled in.