alt Hacker NewsThat's right, and that's caused by restrictions on supply. Almost every problem we have with housing comes down to us restricting how much can be built so much that extremely low quality units are competitive. If you allowed 10 times as much construction, those units wouldn't be able to compete, because other builders would offer better units for the same price.
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I mean by that logic wouldn't the cheap house just cost even less? What about housing prevents it from being a race to the bottom like every other product?
Like yes a nice pair of boots costs more and you do get more value out of them compared to Amazon basics boots.. but far more people end up buying the cheap option because it's cheap and available.
It seems like fewer restrictions would mean more garbage getting built.
Apparel markets are much more free and competitive than housing markets, and have basically no restrictions on supply. Yet, the quality of available clothing across the world have fallen. And we get incredibly cheap incredibly low-quality garbage.
These things are much more complex than simplistic single-variable models.