Let’s talk about the middle of the curve when it comes to housing. You know what term can almost universally describe it? Used. 10,20, 50 years old. At least that here in New England.

There is next to no economic incentive to build new low cost housing, just like there’s nearly no economic incentive to build new low cost cars. Most consumers would sooner buy a $5,000 used car with AC and power windows than a $5,000 new car with neither.

So it is with housing. New market rate housing (short of those tremendously successful housing projects we flirted with in the 60s / 70s) is always the top of the market. But if it’s never built, then it will never be there in 30 years as a moderate cost housing option.