Feb 21Liked by Cameron Murray

I guess the argument would be that competition reduces prices through an iterative and dynamic process, so a first mover captures rents and then prices gradually get bid down. It's a classic fallacy of composition/coordination problem that it's profitable for an individual firm to reduce prices but it will damage them all in the long run.

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Feb 22·edited Feb 22

Equating market forces to rent controls is also flawed. The difference is that in the latter case the effect is exogenous.

The former can simply be a consequence of shifting preferences, saving rates, or what have you, a symptom of organic changes in the market.

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Your third argument is flawed. Higher rents might not benefit owners if the total housing stock is low. Upzoning can easily benefit both renters and owners (assuming supply increase).

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