Originally Posted by
Diff-chan
That medium article is not that convincing. It's an awfully convenient line of argument for the ultra rich rentiers class that the Economist shills for, though.
There is a grain of truth of course. SF's housing situation is in crisis mode because of regulatory capture. Yet increasing housing supply for San Francisco and Manhattan really only benefits those who want to live there or can almost afford to live there. People who are, in other words, already relatively affluent. It does nothing for people in flyover country with relatively cheap housing and lots of land, or people who would struggle to afford a mortgage.
The argument seems like the next stage of the "capital gains taxes should be low because a lot of Americans own stock" argument, even though the upper 10% own something like 80% of equity in this country.
Maybe the actual paper is more convincing.