Here is Kevin Drum: This is not Econ 101, not by a mile. Just as building more highways attracts more cars and ultimately does nothing for traffic, building more housing attracts more people. We could make housing less expensive in Los Angeles--just as we could reduce traffic by building highways 40 lanes across--but the amount of new housing it would take to make a sizeable dent in prices is truly vast. Don't believe it? Consider New York City. Sure, building stuff there is hard, but it's a city that's basically friendly to high rises--and it has been since the invention of the safety elevator. By American standards, it also has a uniquely effective mass transit system. And yet, New York City is an
Scott Sumner considers the following as important: Growth: Consequences
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