> Taken to extremes you'll have all wealthy people living in California, and the rest of the country available to us plebs.
Which is exactly what people are afraid of happening, and what they mean by the crisis of housing affordability.
You can go and buy or rent a cheap house today in probably 90% of the localities of the USA. Of course, if you already live in those places, you probably don't have the money, because good work is very hard to find.
The problem of housing is that regular people want to live in NYC, and Chicago, and LA, and all of these places, and relatively near to where their jobs are, and they're seeing the rich own more and more of the space that could have allowed them to do so.
"The problem of housing is that regular people want to live in NYC, and Chicago, and LA, and all of these places, and relatively near to where their jobs are"
It's not clear in your phrasing, but it sounds like this is a casual correlation. It's not... Many people only want to live in these cities because it's the ONLY way to get work, given a choice they would quickly move out.
Or, maybe the jobs are there because people companies want to hire want to live there. We have a way of testing this now given that remote work is a thing. We can see if people would rather work remotely from a cheap house in rural Kansas and have nothing to do in the evenings or live in an expensive apartment in an exciting city where their job is.
It is a cycle that always leads to increased population density, and has done so since the dawn of agriculture. People tend to go where there are more people, and then work and entertainment happens where most people are, which attracts more people, and so on. This was as true in Ur as it is in NYC.
Which is exactly what people are afraid of happening, and what they mean by the crisis of housing affordability.
You can go and buy or rent a cheap house today in probably 90% of the localities of the USA. Of course, if you already live in those places, you probably don't have the money, because good work is very hard to find.
The problem of housing is that regular people want to live in NYC, and Chicago, and LA, and all of these places, and relatively near to where their jobs are, and they're seeing the rich own more and more of the space that could have allowed them to do so.