tag:blogger.com,1999:blog-1110014885778996459.post6550572582240509169..comments2024-03-29T03:45:57.883-07:00Comments on Idiosyncratic Whisk: Housing: Part 326 - Another example of how much priors determine conclusionsKevin Erdmannhttp://www.blogger.com/profile/07431566729667544886noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-1110014885778996459.post-15801415919356846042018-10-23T00:53:53.933-07:002018-10-23T00:53:53.933-07:00Exactly. Ozimek was getting so close and then hopp...Exactly. Ozimek was getting so close and then hopped off the rails.<br /><br /> But at least he is thinking of the housing market in terms of supply constraints and geographies. <br /><br /> I like your example of inferior goods. <br /><br /> In percentage terms, some neighborhoods in Los Angeles exploded in value even though, or rather because, they were previously inferior goods. The Hollywood area was a grunge pit for decades, and now made a comeback in the last generation or so. Bakersfield and Palmdale are filling up with low income people. Older residents of inland areas, who actually fled there for perceived safety and refuge a generation ago, are complaining about dangers. <br /><br /> For some reason, macroeconomists have a hard time thinking about property zoning and supply and demand. <br />Benjamin Colehttps://www.blogger.com/profile/14001038338873263877noreply@blogger.com