Regional inequality: also a housing supply problemhttps://www.adamsmith.org/blog/regional-inequality-also-a-housing-supply-problem-1 …
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New NBER paper: productivity growth -> higher local wages -> inward mobility -> higher wages across country in places they left. Tight housing supply breaks this link & leads to stronger Winner and Loser cities, plus delivers the gains to land, not labour http://www.nber.org/papers/w24661 pic.twitter.com/0NzJoLbApc
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The "Housing Theory of Everything" explains a substantial part of: - the breakdown between average productivity and earnings/purchasing power - why technological change seems so skill-biased right now - why inequality has risen recently - regional divergence
