There are two things that are fixed: Land and attention.
I think that’s a red herring though. The current scarcity of housing is far below the limit set by land, so I just call it artificial. There can be artificial scarcity of other necessities as well, all that’s needed is that the providers of that necessity act as a cartel.
I think that’s a red herring though. The current scarcity of housing is far below the limit set by land, so I just call it artificial. There can be artificial scarcity of other necessities as well, all that’s needed is that the providers of that necessity act as a cartel.
Hm, yes. In the current regime. Tokyo is a also a counter-example. There are strong incentives for property owners to keep the supply limited.