Reality: rich people are entering the market (via immigration or coming of age) without a house or already have expensive houses.
Different side of the same coin. If you don’t build them an expensive house then they will outbid the poor for a cheap house, taking the cheap house away from someone of lesser means. These rich people are not going to go without a house.
It remains that fining developers for building houses is not going to incentivize developers to build more houses.
Affordable housing only increases the supply for the rich. After all, if they are affordable, they are especially affordable for those who are rich. The only way to break out of that is to construct so many homes that the rich no longer want any more. Policies to scare developers away from building homes does not get you there.
Different side of the same coin. If you don’t build them an expensive house then they will outbid the poor for a cheap house, taking the cheap house away from someone of lesser means. These rich people are not going to go without a house.
It remains that fining developers for building houses is not going to incentivize developers to build more houses.
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Affordable housing only increases the supply for the rich. After all, if they are affordable, they are especially affordable for those who are rich. The only way to break out of that is to construct so many homes that the rich no longer want any more. Policies to scare developers away from building homes does not get you there.