It’s true that it’s inherently a zero sum game. As I said I don’t think we can eliminate the drag altogether. But there are lots of interventions at all three levels of government that make the problem worse. And worse yet these aren’t unintended consequences, it’s governments’ policy to try to increase the costs of housing.

Various cities have tiny band aid programs under the rubric of affordable housing but the low hanging fruit is to stop actively intervening to make the problem worse.