What is this artificial restriction?
Housing is far too expensive in the places where the best opportunities are available, due to an artificial restriction of supply. This prevents broke but innovative people from moving in: it's a tax on our shared future. The long-term consequences will be dramatic.
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Public policy. Eg, Zoning laws, land-use restrictions. Though I wonder the extent to which greater supply would just allow more white collar workers to move in. We also need a commitment to mixed income housing (also a policy choice bc of the myriad ways we subsidize developers)
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It also forces people to create other centers of opportunity; way better deal for our shared future.
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Housing is too expensive because interest rates have been held at record low levels by the fed. Housing cost is inverse to mortgage cost which is directly related to
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Given the comparative advantages of such places, it is more likely that the demand outweighs the supply rather than "artificial restrictions". Unless you know something we don't?
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It's well-understood at this point that the cause of SF Bay's housing problems (to which I assume
@fchollet specifically refers) are exclusionary zoning and NIMBY-ism. Source: https://www.citylab.com/equity/2016/03/are-wealthy-neighborhoods-to-blame-for-gentrification-of-poorer-ones/473349/ …
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This tweet needs a lot of unpacking
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I would have moved to SF months ago but I'm not paying $3000 a month for a one bedroom apartment ¯\_(ツ)_/¯
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