New post: The effects of financialisation on housing costs depend on housing supply, and these days housing supply in cities depends on density. Put another way, high land costs don't have to mean high housing costs if we use land more productively
Very neat piece: 1. Financialisation does increase demand to own housing 2. If housing supply is elastic house prices don’t have to rise much, rents can fall 3. When land supply is relatively fixed, the key to elastic supply is allowing more density