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Benjamin Keller's avatar

The lack of empiricism in the housing discourse lends itself to these sorts of logical errors. Micro phenomena like project level returns do a poor job explaining aggregate variables, but housing is stuffed full of micro analysis claiming to be macro

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John Saunders's avatar

I like this. If interest rates were all that constrains builders and building, some financial guru could work up a multiplier for costs of materials, land, labor and loans that would match the actuals in a locale, and then the effect on demand in that locale. Is anyone doing that?

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