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Are your arguments internally consistent. To make your first two points you have to believe that the market works fairly well. But to say that supply is not even close to keeping pace with growing demand suggests you believe in fundamental market failure. Which is it?

Yes, those arguments are consistent. The market process works just fine. Units filter up to more attractive and expensive submarkets as demand increases.

Supply is not growing, however, to keep pace with that demand. This is due to all sorts of constraints on supply, most of which are regulatory.

Those market mechanisms work the same way whether supply is constrained or not - the only difference is the size of the deadweight loss.

I'm willing to wager that you will not see affordable housing in that neighborhood -- except were subsidized directly or indirectly -- in the next twenty or more years.

Well that all depends on a) what kind of policy changes we see (not just in DC or that 'hood, but in the region), and b) how you define 'affordable.'

by Alex B. on Dec 19, 2012 2:26 pm • linkreport

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