alt Hacker NewsThis is theoretical MBA101 speech:
In reality, those ideas do not apply to the housing market, esp. as there is no real competition; and because the demand is absolutely inelastic (if we are already applying in MBA-wording universe)
Also, that this is true you can see if you compare to housing markets which "are more free than the Australian"
Replies
Sankozi • today at 7:20 AM
Of course demand is elastic.
Do you think, people will migrate to a city with an unaffordable housing (unaffordable for them)?
Unless you are living in North Korea, the competition is also there.
➕ show 1 reply
The regulation is single family zoning. Zoning makes it impossible to stack high rise apartment buildings in the areas that people want to live in.