"Houses Have Increased Their Preference for Being Vacant"

Ryan Avent reads Alex Tabarrok:

Aggregate demand: Think of the unemployed houses: THIS is an interesting thought experiment, courtesy of Alex Tabarrok, who notes that America's housing vacancy rate is at record highs and writes:

House prices may be sticky but they have fallen a lot--maybe not enough--but they have fallen a lot more than have wages.  On the other hand, house prices rose a lot more than wages. Maybe house prices are sticky relative to the required variation in...