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Artificial restrictions on housing development are a regressive tax on the poor and a gift to the rich, period. It's wealth transfer from renters to owners.
Imagine applying the "gentrification" narrative to any other asset, like cars. "Producing high-end cars is pricing the working class out of the market, they can't buy second-hand Toyotas anymore, we need to stop making high-end cars". It sounds insane.
You know what actually increases the cost of cars? That's right, the microchip shortage. Because it introduces constraints that reduce the rate of production of new supply. Guess what? Housing works the same, but NIMBYs are the microchip shortage.
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