Rethinking Housing Economics
How Supply-and-Demand Falls Short in the Housing Debate
By Erick Villagomez“The edifice of economic theory constructed over the last two centuries, to an extent in the shadow of physics, has been refuted time and again.” — Michael Batty, Inventing Future Cities Everywhere you turn in today’s housing debates, you’ll hear the familiar refrain: build more, and prices will fall. It’s the economic theory of supply and demand—so simple it can be drawn on the back of a napkin. On one axis, demand. On the other, quantity. One curve slopes down; the other, up. Where they... Read more
