The pro-developer argument goes something like this: if developers are permitted to build enough new units to meet demand, then supply and demand will equalise, and prices will stabilise; eventually, the housing crisis will fix itself. In the meantime, it’s sad that people are being priced out of their homes, but the best way to fix it is to allow the market to do what it does best. But what is the market really good at optimising for? Given the current excess of global capital, the market’s most pressing task is finding new investment opportunities. From the point of view of the market,
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