Reply to Legit, but dumb question about MoCo (property values & housing)

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Reply to "Legit, but dumb question about MoCo (property values & housing)"

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[quote=Anonymous][quote=Anonymous][b]PP above adding that the invisible hand of the market does not work for housing.[/b] Housing is closer to healthcare in that there is less leeway to shop around for cheaper options or go without. Housing is something that you can have a “budget” option for only up to a certain extent. If you make $6000/month and should be paying $1500 or less for housing, but can’t find anything, it’s not the same as giving up fine dining or new shoes. There’s only so much long commuting (to find a cheaper place) or packing a bunch of roommates into a shared unit (especially during a pandemic) people will put up with and they will just end up spending too much of their income on rent. So the person making $6000/month will probably end up paying $2000/month in rent and just not spend money elsewhere (this is also bad for the local economy), and landlords will charge high rents because they can. [/quote]

It's not true that the invisible hand of the market does not work for housing. The market [i]alone[/i] won't work, because even the cheapest housing costs more than a poor person can afford, and because everyone needs housing. But the market is definitely part of it.[/quote]

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