Over at City Observatory:
I would, however, also like to add something to both of these pieces. From a big-picture perspective, Mesh and Duarte are right that new construction can slow or reverse the growth in regional housing prices, and restricting construction will tend to exacerbate that growth. But people don’t live their lives from 30,000 feet; they live them on the ground, which is why these ideas often seem so counterintuitive. More importantly, the people who packed the SF Board of Supervisors’ meeting to testify in favor of the moratorium don’t necessarily care about the medium-to-long-term trends in regional housing prices; they care about whether their own rents, and those of their family and friends nearby, will increase by more than they can afford in the next year, six months, three months.
Which means that arguments about supply and demand, though important, aren’t necessarily addressing their immediate needs and fears. Cities like Portland and San Francisco need better housing growth policy, it’s true: more construction now means less displacement, regionally, in the coming years. But if we care about preserving the option for people to remain in their communities now – which we should, for reasons both ethical and political – then we need to acknowledge the need for both housing growth policies and anti-displacement policies.