I mean, they are worth that much as long as people exist who will pay that much. That's what "worth" means. Would prices be lower if more cheap housing was built? Yes. Would developers build more cheap housing if regulation allowed? I doubt it. Likely they'd build things terribly but slap a coat of "luxury" on it and match current prices, because people who exist who will pay it. That's what capitalism rewards, selling the worst product for the most the market will bear. Quality is only a concern in certain market conditions.
14
u/headermargin Jun 20 '25
In the north. And not near a city, where people are taxed up the ass.