Quotation of the Day…

(Don Boudreaux)

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… is from page 31 of Thomas Sowell’s 2008 book, Economic Facts and Fallacies:

[image error]Ironically, having created [with land-use restrictions] artificially high housing prices, government then often supplies token amounts of “affordable housing” to selected individuals or groups. Such selective generosity may be subsidized by taxpayers or by making it mandatory that private builders sell a certain percentage of their housing at prices “below market,” as a precondition for approving building permits. These “below market” prices may nevertheless be higher than housing prices would be in the absence of building restrictions.

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