> would you rather live in poverty or be wealthy enough to afford one of the most exclusive neighborhoods in Los Angeles?
What's that rhetorical question even relate to? Will increasing housing supply somehow make everyone more wealthy? The OP article claims not, and that's because that stock is going to rent-seeking investors, not buyers.
> A better comparison might be: would you rather live in a 4,000 sqft mcmansion in Santa Clarita or a modest 1200 sqft 3 bed 2 bath condo in Santa Monica?
Long Island vs condo in Manhattan wasn't really on even footing either.
What's that rhetorical question even relate to? Will increasing housing supply somehow make everyone more wealthy? The OP article claims not, and that's because that stock is going to rent-seeking investors, not buyers.
> A better comparison might be: would you rather live in a 4,000 sqft mcmansion in Santa Clarita or a modest 1200 sqft 3 bed 2 bath condo in Santa Monica?
Long Island vs condo in Manhattan wasn't really on even footing either.