Housing Deregulation: Reverse Musical Chairs

One of the main problems with selling housing deregulation is the perception that new construction “only benefits the rich.”  Rich developers of course, but also rich home-buyers.  It’s easy to see where casual observers get this idea.  New housing is usually nice housing, because over time technology improves and capital depreciates.  Since richer people are more willing to pay the upcharge for nicer housing, the future residents of new construction are usually well-to-do.

So what do casual obs...