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Likewise, in your pegging fantasy, you'd see a bunch of people responding to incentives that wouldn't create the utopia you're seeking to create. I could see no new construction, extreme competition for existing units, and higher rents than those that currently exist.
Housing and rents react pretty cleanly to supply and demand.
i figured construction would be one of the main things mentioned
the question i have is that construction seems to oversupply a hot market contributing to the inevitable crash
in my "fantasy" construction would be based actual need and not tax benefits that city/town councils dole out
the fantasy for me is that neighborhoods have some sort of balance of pegged rents (5 houses at $1000, 5 @ $15Km 5 @ $2k, etc)
schools, grocery stores, and other "amenities" would have equal incentive to develop in any neighborhood
the OP was also wondering if this would have a net benefit to the local economy - fewer $ spent on rent/mortgage, more $ spent other places??