[wahern]

At an even 90% income tax rate there's not enough money in the city to build new housing for the homeless and financially insecure. It's insane to think this is even possible. (Not that I assume you do.) It's like saying we should buy new cars for the carless, rural population rather than subsidize used car purchases.

But there would be no cheap, used cars to buy if we severely limited the manufacture of new cars. Yet somehow people still believe that building new, market rate[1] housing is not a prerequisite to improving the housing situation in the city. To be sure, it's not sufficient; but it's absolutely necessary.

[1] Thus leveraging the hundreds of trillions of global capital.