I very much appreciate your careful and thoughtful analysis of housing markets. We should call the way migration intensifies competition for positional goods the Fogel Effect, after Robert Fogel’s analysis in “Without Consent or Contract” of the destabilising effects of pre Civil War migration. Also, considering that people value their social connections is something economists can miss, sometimes egregiously, so it is good to see you take it seriously. I discuss an egregious failure here: https://lorenzofromoz.substack.com/p/the-migration-scam

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Interesting and thoughtful post, as usual, Lorenzo.

I have generally accepted the pro-immigration stance that is common among economists, but the coincidence of Covid- and Trump- related collapse in immigration with sharply rising wages does seem like an important empirical development to consider.

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