This is going to be an example of how a crisis fixes itself.
You see, you may pay $3M for a huge mountain home, but it’s suddenly a lot less desirable and marketable if there’s no grocery stores or restaurants for you or others to go to because service workers cannot afford to live there … so what happens?
What used to be rich people saying “not in my backyard” to “low cost housing” that hurts the value of their properties turns into rich people actually advocating for “affordable housing” and feeling good about that virtue signaling. Hell, they may even go so far as to encourage government subsidies to these projects that they once abhorred.
It won’t happen overnight, but this is how economics *actually* works.
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This is going to be an example of how a crisis fixes itself.
You see, you may pay $3M for a huge mountain home, but it’s suddenly a lot less desirable and marketable if there’s no grocery stores or restaurants for you or others to go to because service workers cannot afford to live there … so what happens?
What used to be rich people saying “not in my backyard” to “low cost housing” that hurts the value of their properties turns into rich people actually advocating for “affordable housing” and feeling good about that virtue signaling. Hell, they may even go so far as to encourage government subsidies to these projects that they once abhorred.
It won’t happen overnight, but this is how economics *actually* works.