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Housing supply vs prices, using 1970 as an index value

From https://economicsfromthetopdown.com/2024/08/22/from-commodity-to-asset-the-truth-behind-rising-house-prices If property consistently loses value against income, it's treated as a 'commodity' -- a thing you buy to use. But if property maintains its value against income, it gets treated as an asset -- a thing you buy as an investment.

Hey, how about housing? See how when we build more units, it gets way more expensive? This is because housing is both a commodity and an asset. But financialization means the pressure is on to treat houses as "sources of generational wealth."

When you say "success control housing cost" do you mean that rents went up or went down?

No, I'm asking whether rents went up or went down. Did rents go up or did they go down? I.e., does the average Minneapolis resident pay more for rent as a result of these magic bullet YIMBY policies, or do they pay less for rent?

And so what happened to rents, did they go up or did they go down in actual dollars?

The Consumer Price Index (CPI) is the most commonly-used measure of inflation in the United States. The CPI-U is an index that tracks retail prices for urban consumers, a category that encompasses roughly 87% of the population of the United States. As prices increase, the purchasing power of money decreases, driving down the real value of each dollar earned. In the post-pandemic recovery period, prices have been increasing quickly. In March, the growth in CPI-U hit 8.5% over the year, the largest 12-month increase since 1981. The Minneapolis-St Paul CPI-U hit 8.2%, an OTY high not topped since 1982. In terms of annual growth, CPI-U at both the national and state levels have been consistently outpacing growth in average hourly earnings since the economic recovery began in earnest in mid-2021. It also appears that the recent strong inflation growth began occurring prior to wage growth, with both the U.S. and Minneapolis-St. Paul CPI-U beginning sharp growth trends in March 2021, while the wage growth trend did not appear until May 2021 (in fact, both U.S. and Minnesota private sector wages posted sharp declines in March 2022), which suggests that increasing wages are not the primary driver of increasing inflation.

Housing for the majority of people in the Twin Cities' AMI is at a lower proportion than ever as a share of the city's housing stock. For those making 60% of AMI, only 41% of apartments in the city are affordable, down from 51% last year. For those making 30% of AMI, only 16% of the city's stock is affordable. But 88% of the housing stock is affordable for those making 80% of AMI, and 97% affordable for those making 100% of AMI.

Median rental prices spiked over last fall in Minneapolis, going from around $1500 to $1650 between September and October before falling in the next two months. Overall median rent increased by $72 even after a steep post-October fall.

Minneapolis rents show slow but steady growth overall from June 2021, but have risen less than the national averages.

Hey, quick question: did rents in Minneapolis rise or fall since 2020?

I know your graph makes a big deal of a post-COVID drop in rents

*RELATIVE TO INFLATION WHICH REACHED A 40-YEAR HIGH*

but

RENTS INCREASED IN MINNEAPOLIS, NOT DECREASED
(see below). Why not measure rents relative to wages?

I've said this before (maybe 10 years ago?), but the thing about how machine learning is based on an inability to distinguish causation from correlation is getting worse the more we deploy this essentially flawed method for approximating human intelligence.

But then, remember who's programming it.

That's what's so maddening, almost the entire Obama White House went to go work for that same tech oligarchy to made sure it prevailed over any attempts to regulate or moderate

The most appropriate treatment of Yarvin is one that recognizes his influence on Silicon Valley billionaires who don’t recognize him as a shallow thinker bc they’ve never taken a single class on political philosophy or history or philosophy

I guess WaPo was right about this

Is there a real world example of a time and place where a city built more housing and then housing got cheaper as a direct result?

Dems will never get "credit" for adopting Republican policies. All that happens when you go along is you give them permission to get more radical. This bill started out bad. Democrats showed willingness to play ball and it got even worse as a result. This portends very badly for the next 4 years

*FED ANNOUNCES IT HAS WITHDRAWN FROM GLOBAL CLIMATE COALITION

"As president, Biden will work to codify Roe v. Wade, and his Justice Department will do everything in its power to stop the rash of state laws that so blatantly violate the constitutional right to an abortion, such as so-called TRAP laws, parental notification requirements, mandatory waiting periods, and ultrasound requirements."

Joe Biden made efforts to protect abortion, but Congress did not codify access President Joe Biden vowed to codify abortion rights, but he did not rally the congressional support needed to pass such legislation. On his 2020 campaign website, Biden said he would work to "codify Roe v. Wade," the 1973 U.S. Supreme Court ruling that established federally protected abortion access. Biden said then that his Justice Department "would do everything in its power" to stop or curb anti-abortion state laws. Two years later, the Supreme Court overturned Roe v. Wade. Still, Biden said he would restore Roe as the law of the land. But congressional efforts to pass legislation prohibiting governmental restrictions on abortion access failed. The Biden administration has, meanwhile, sought to protect abortion rights in other ways, including through executive order.

An irony of Biden’s final campaign is that one of the most vexing issues he has ever confronted personally — abortion — is now central to his political survival. Biden’s campaign and his entire party have made abortion a defining issue in his re-election bid, hoping to rally female voters alarmed by Republican efforts to roll back reproductive freedoms. The young Catholic politician who once said the Supreme Court’s Roe v. Wade ruling that safeguarded abortion rights “went too far” — and who to this day remains uneasy with the procedure — is casting himself as the only thing standing between women and strict national abortion bans. He vows to chisel Roe’s protections into law if he’s re-elected and secures friendly majorities in Congress, quashing a GOP-led push to forbid most abortion procedures. On Tuesday, Biden is scheduled to give a speech in Tampa, Florida condemning the state's new six-week abortion ban. Jennifer Klein, director of the White House’s Gender Policy Council, recalls Biden’s reaction upon hearing that the Supreme Court had overturned Roe v. Wade in 2022. Thinking through the decision in the Oval Office, “he was angry,” Klein said in an interview. “He went quickly to the fact that this had never been done before and the Supreme Court had never overturned a fundamental freedom. He also went immediately to what might come next: If they take away this right, what other rights would be under attack?” Biden may have little choice but to put abortion rights front and center. He is running about even with Donald Trump in the polls,

He was always soft on abortion, and the calculation was made not to pack the court, instead saving Roe as a wedge issue to use against Trump in the election.
Every president inherits judges, few have unconditionally surrendered this way.
www.cbsnews.com/news/biden-r...

bsky.app/profile/show...

Imagine if she had said the exact same thing about private equity takeovers of America's already awful healthcare system.
It would be so wrong! The insurance-industrial complex doesn't care which generation of Americans it kills

Since 1812! constitutioncenter.org/blog/the-cas...

Calling it now: Americans will Mandela-effect the overturning of Roe v. Wade into something that happened under Trump instead of under Biden

Wednesday Sr at best, come on now

The whole video is shot at Fulton Landing and the nearby blocks

Brooklyn in the 80's!

Occurs to me that there’s a similarity between these politics grifters & fundamentalist apologetics: Their job isn’t REALLY to make an argument that holds up to reflection or scrutiny. It’s to deliver a performance of “erudite person who agrees with me” so you have permission not to think too hard.

Headline: In Farewell Address, Biden Warns of an ‘Oligarchy’ Taking Shape in America

Joe Biden, wearing a hot dog costume, delivers his farewell address entitled "we're all looking for the person who did this"

Liz Cheney brained party

Brown-eyed people aren't necessarily the majority in Northern Ireland where he's from, though. Only about a third of the population of the UK has brown eyes- not so for Americans who are much more diverse.

Fusion voting doesn't help in New York State, not sure how it would help anywhere else? If you want to attack the problem of the two-party system, you need to understand the dynamics of Duverger's Law. The only way to replace the two-party system is with a preferential, proportional electoral system

There's so much going on here and everyone is dunking on this but I just want to point out that you could parsimoniously jam this entire conversation into a new WaPo motto:

Great journalism, Happy customers, Make money, Pick Two

Oh look here's another thing I've been right about all along

if you want an actual economic argument for rent controls, this is probably one of the best examples. elasticity is *extremely* limited in the near term for housing. the re-distributive effects by allowing rationing be dictated by prices are exceedingly regressive, as in "permanent displacement"