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Sock Puppet Twitter (feddit.org)
submitted 5 days ago by Novocirab@feddit.org to c/whitepeopletwitter@sh.itjust.works
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Source: https://bsky.app/profile/mugrimm.bsky.social/post/3lmsej4cxqk2n

Tag: Matthew Yglesias

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[-] ace_of_based@sh.itjust.works 3 points 5 days ago* (last edited 5 days ago)

The whole idea behind "Supply and demand" require that "demand" can fluctuate as readily as "supply".

Shelter does not fit the narrow confines of the econ101 S&D concept; as shelter from the elements is a necessity, and so demand does not fluctuate.

But you are correct about S&D existing in the market as it currently stands. Problem is, "the housing market" has moved fully away from a "market of shelter". It is driven by speculators who hold vast swaths of property and treat these items as a commodity, not shelter. "Shelter seekers" compete with each other and with speculators in this "commodities market" but "Shelter Seekers" are not the driving force of demand, their demand is static.

So you're right in the sense that supply and demand exists for the current "housing market", but the S&D are held and driven by and for speculators, it is not a shelter seekers market.

this post was submitted on 15 Apr 2025
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