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Not all pessimistic theories can be true

Are coastal real estate markets far too expensive for new home buyers?  One pessimistic theory is that the very few Americans can afford to buy houses in the expensive coastal markets. In this view, we need to produce housing at much lower price points in order to make it “affordable”. Another question is whether building more housing will reduce prices.  One pessimistic theory suggests that just building lots more housing in expensive coastal markets won’t solve the...

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