this post was submitted on 12 Apr 2024
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Purchasing power is a function of how much you spend on rent, which is a function of housing supply relative to demand, which is a function of the zoning laws comment-OP referred to.
purchasing power is a function of those zoning laws. When you disrupt the free market (like a zoning law that says you can’t put more than three units on an acre of land despite a hundred units being more profitable overall, just an example) people suffer and it gets worse over time. These effects build up.
Government meddling in the real estate market isn’t the only thing affecting that purchasing power, but it’s in the mix.
Just to be clear, I am not on the side of absolutely free market, but we have to recognize when certain policies are causing harm than good. For example, part of the increase is due to increased code regulations, but this is a good thing because it insulates (heh) consumers from from a number of hidden risks that the average consumer won't self-mitigate.