American Nightmare: How Government Undermines the Dream of Homeownership by Randal O'Toole

Author:Randal O'Toole [O'Toole, Randal]
Language: eng
Format: epub
Publisher: Cato Institute
Published: 0101-01-01T00:00:00+00:00

Now add a supply curve showing how much housing will be supplied in a walkable neighborhood at different prices (Figure 10.2). The cost of land in areas with high commercial densities is going to be high, typically in the hundreds of thousands of dollars per acre. People wanting housing must compete for this expensive land with other uses, such as shops and offices. One response to high land costs is to build high-rise buildings, but such buildings are also more costly than are low-rise. For all these reasons, the supply curve for housing in walkable neighborhoods will be high, leading to a high price, shown as P1 in Figure 10.2.

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