If there isn't enough housing in, say, Boston, then all the vacant houses in the world won't help unless they are also in Boston. It's not an "allocation problem." Even houses *within the same metro area* can be useless!
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Someone who is priced out of living towards the center of a city might be directed to houses on the outer suburbs--only to find that they can't afford the costs of getting from those houses to their job etc
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This is why it's stupid to argue that "we have space" to allow sprawling development--plenty of places in the world have space, but nowhere in the world has teleportation: location will always matter, and there will always be an incentive for density!
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