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by barry-cotter
2095 days ago
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> there is apparently at least some circumstances where printing money doesn't lead to inflation. Not printing enough money. Sometimes the problem is not that you’re not doing the right thing, it’s that you’re not doing enough of it. Look at housing supply and prices in the US and in Tokyo. At one end you have places with a system designed to come as close as possible to a ban on new housing like San Francisco, with their never ending escalation of house prices and rents. At the other end you have places like Houston with quite moderate rises. In the middle you have New York which isn’t as bad as San Francisco or Seattle which has actually seen prices fall over the last two years they’ve built so much. Way over beyond that you’ve got Tokyo growing 50% in population in two decades with flat house prices and rents. From 2016 > As FT’s Tokyo bureau chief Robin Harding wrote in the article, the city had 142,417 housing starts in 2014, which was “more than the 83,657 housing permits issued in the state of California (population 38.7m), or the 137,010 houses started in the entire country of England (population 54.3m).” Compare this, also, with the roughly 20,000 new residential units approved annually in New York City, the 23,500 units started in Los Angeles County, and the measly 5,000 homes constructed in 2015 throughout the entire Bay Area. https://www.forbes.com/sites/scottbeyer/2016/08/12/tokyos-af... |
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