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(disclaimer: not an economist. I just wandered in off the street.) You talk about small increases in supply increasing price, but isn't the response symmetric? If local government decreases supply (moratorium on building permits, condemn a few houses for a park) didn't they just simultaneously increase individual demand (I want to live by the new park) and decrease aggregate demand (Anytown isn't growing; don't move there), thus making housing more affordable?
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Aug 15, 2016