Many people in the Bay Area argue that NIMBYs ignore the basic economics of supply and demand. Build more housing, they argue, and prices will inevitably drop.
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In the very near term, this seems right. Over the long run, I'm genuinely uncertain whether to believe this.
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Replying to @michael_nielsen
If you are right, and with oodles more housing prices stay high, doesn't it imply that the societal NPV of new housing here is enormous?
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Replying to @fischer_cr
Yes (I make that point later in the thread).
8:26 PM - 6 Mar 2018
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