This messy reality includes a tapestry of misguided policy responses, uncorrected historical legacies like FHA mortgage redlining and legally-enforced racial segregation, and countless petty political vendettas.
Dougherty’s contribution is to take this proud, idealized, and frictionless “freshman economics” model and submerge it bodily in the cold, unforgiving river of reality. high rents) as nature’s way of saying, “MAKE MORE OF THIS!” (pg 212). He astutely describes price signaling (i.e. Some nostalgic catnip, for the Millennial New Yorkers of the mid-aughts out thereĭougherty does nothing to disabuse the reader of the “freshman economics” school of thought.
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