Submitted by Blecher_onthe_Hudson t3_11a2qwh in jerseycity
DirectorBeneficial48 t1_j9qizni wrote
Reply to comment by objectimpermanence in Want to know why NY metro housing is expensive? Answer in NYTimes OP-ED by Blecher_onthe_Hudson
>You are the one who is arguing that the basic rules of supply and demand somehow don't apply to the housing market.
Cool, show me the evidence it does. I've looked it up a bunch of times. It isn't there. There's no correlation to the locales that have had the most development and the rent in said locales. It flat out is not there.
There's clearly another force behind simply "create more units" that all y'all don't want to bring up, which is greed.
I've shown the very basic steps elsewhere, so I'll copy/paste for you.
>I'll help you. Google up "US cities with the most development" (substitute some other synonym for development, such as "new buildings/homes" if you like). Now do the same for "Average/median rent by city in US". Hell, if you really want to get spicy, toss in a third factor and add in "US cities with the highest rent growth".
And the fact that you work with the exploiters of us is not a mark in your favor. You are stuck in your bubble that believes this whole cloth without actually looking at the very basics of the argument.
> I have been in meetings with housing strategists and investment professionals at large institutional investment firms. If I told them that there is zero correlation between housing supply and housing prices, I would be laughed out of the room.
Yea, no shit, they aren't around to want to hear the very underpinnings against their raison d'etre.
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