It’s also kind of theft. The owner had previously acquired something that was valuable due to regulation, so taking that regulation away is a confiscation of their private property (e.g. get your government hands off my Medicare).
I strongly disagree with this claim. I don’t think removing the regulation that allows house prices to rise is a form of theft. I think it’s the risk. Bay Area housing (like housing more generally in the US) is an investment, and just like all investments, it carries the risk of loss. Part of this risk is that the government might stop the explicit and implicit subsidies that prop up the value of this investment. Tying a significant portion of one’s net worth to one’s house earns about as much sympathy from me as tying a significant portion of one’s net worth to any other undiversified illiquid asset.
I strongly disagree with this claim. I don’t think removing the regulation that allows house prices to rise is a form of theft. I think it’s the risk. Bay Area housing (like housing more generally in the US) is an investment, and just like all investments, it carries the risk of loss. Part of this risk is that the government might stop the explicit and implicit subsidies that prop up the value of this investment. Tying a significant portion of one’s net worth to one’s house earns about as much sympathy from me as tying a significant portion of one’s net worth to any other undiversified illiquid asset.