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" They're satisfying a small amount of demand for pricey units at below-market-rate prices (and only a slight portion, necessitating a lottery), but they aren't fulfilling the demands of any of the thousands of people looking for housing outside of government programs. "

If you assume that the people who will only buy/rent at below market prices have a lesser preference than those looking at market prices, than the "utility" they get is lower. IF you assume that their willingness to pay is purely a function of lower income, than its not clear that there is lower social benefit to their having a dense location.

Now IF we could transfer the cash to them to EQUATE their income to the folks in the market rate market, you could go back to assuming willingness to pay equalled some kind of "utility" (leaving aside the externalities)

If you think theres a chance of that kind of redistribution happening, I have a bridge to sell you.

by AWalkerInTheCity on Jun 19, 2012 3:01 pm • link • report

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