The Biden administration announced new steps Friday to ensure access to affordable housing, launching a slew of resources to convert high-vacancy commercial buildings to residential use.
We study the city-wide effects of new, centrally-located market-rate housing supply using geo-coded total population register data from the Helsinki Metropolitan Area. The supply of new market rate units triggers moving chains that quickly reach middle- and low-income neighborhoods and individuals. Thus, new market-rate construction loosens the housing market in middle- and low-income areas even in the short run. Market-rate supply is likely to improve affordability outside the sub-markets where new construction occurs and to benefit low-income people.
Turns out there may be a meaningful difference between randomly cutting taxes from businesses and building a bunch of new housing.
I know you don’t care about evidence, but for anyone reading who does, here’s a study from Helsinki.
https://ideas.repec.org/p/fer/wpaper/146.html
Turns out there may be a meaningful difference between randomly cutting taxes from businesses and building a bunch of new housing.
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The paper came out before that investigation was opened, so unless the paper is wrong, you’re probably wrong.
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