But that rents would eventually be even higher (certainly in absolute terms) without most of those restrictions
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Replying to @geoliberal @kimmaicutler and
That's flat out wrong. Take my word for it.
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Replying to @issiromem @kimmaicutler and
Cities all around the world are living empirical proof for my claim. I completely support your efforts, but they aren't a solution to rent.
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Replying to @geoliberal @issiromem and
Units begat jobs begat units... Are average rents not generally some ratio of unit supply vs some function of job supply and job wages?
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Replying to @KaseyKlimes @issiromem and
And if so, doesn’t it follow that long-term rent depressurization simply requires a long-term commitment to supply growth? To outpace jobs?
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Replying to @KaseyKlimes @issiromem and
It isn’t “demand to access the region's new density” so much as demand for the number and variety of jobs that followed the density.
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Replying to @KaseyKlimes @issiromem and
Jobs are a big part of demand, yes, but where are jobs naturally found? (aside from outlying examples with resource extraction economies)
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Replying to @geoliberal @KaseyKlimes and
Those jobs are always found where, in proportion to density, people (collaborators & customers) are located.
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Replying to @geoliberal @KaseyKlimes and
Average rents are basically a function of average incomes relative to other alternatives. But this increases *nonlinearly* with density.
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Replying to @geoliberal @KaseyKlimes and
So you will never be able to reduce long-run rents by building housing, as long as you are building it where people actually want to be.
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Tokyo? https://www.google.com/amp/s/amp.ft.com/content/023562e2-54a6-11e6-befd-2fc0c26b3c60 … also HK is 50% public housing.
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