Idea (libertarians will hate): an authority that sets rent targets by controlling supply, like central banks target inflation by printing $.
Tie it to CPI to make it mostly predictable so real estate investors can still do long-term planning.
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Of course, housing supply lags because construction takes time, but you can try to account for that, too. And tech will reduce lag over time
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I'm suspicious of central planning, too, but construction in cities has so many externalities that it's basically unavoidable for housing.
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