Earlier quoted context omitted.
Elasticity of demand is the elephant in the room for build-more-housing advocates. Let's say NYC's mayor rubbed a genie's lamp and wished to double the city's housing supply overnight. Yes, rental and real estate prices would crash through the floor due to the glut of supply. But then millions of people would move to the city and buy up all that supply. This would rapidly double the population of the city which would…
The elephant in the room for people who are against building enough housing is that they're all convinced that everyone would move to their particular locale. I have heard that "everyone" would move to * San Francisco * Bend, Oregon * Boulder, Colorado * Seattle * Austin, Texas * New York City * Santa Barbara, California * Hawaii * Montana * and on and on and on You know what? No, not everyone is going to move to New…
In reality, your best hope is to get one city to build a lot of housing. Then everyone moves there and we’re all unhappy.
This, by the way, is the reason homelessness is so bad in San Francisco despite their government spending enormous amounts of money fighting homelessness. All the other cities in the US sent all their homeless people to SF!