[pjc50]

Corn can be transported across the border. Real estate cannot.

The real estate market needs slightly different analysis from normal free market dogma because it's subject to the constraints of physical space: you can't just make more of it. If high prices increased the availability of plots in downtown Portland then the problem could solve itself.

[paganel]

They were saying the same thing about corn and other agricultural products, even more so, as people lives' literally depended on them. This was of course before the "green revolution" when, as you said, they couldn't just "make more land" to grow extra corn. It turned out things were better for both consumers and producers once cross-border transactions of corn were liberalized.