May 4, 2023Liked by Russil Wvong

It's a trip that this is something that has to be put in words for people to understand.

75% of the analytical effort in housing space is a project to circumvent the unwillingness to accept the meaning of prices, which have been there, the whole time, telling us what we need to know

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I think the intuitive understanding of prices is that they should be stable. If they rise rapidly, much faster than local incomes, people jump to the conclusion that it must be because of buyers who aren't limited by local incomes - foreign investors, wealthy immigrants, speculators, "financialized" investors, even people retiring to BC from elsewhere. High prices being driven by scarcity (increasing demand, inelastic supply) isn't intuitive.

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