> I think people mainly think of it as "their home and their community" rather than "economic extraction"
It doesn't matter what they think. Some people also talk of "protecting property values".
At the end of the day it's all ways to restrict the allowable number of units per square foot of land.
Those people are enriching themselves sitting on a piece of land. It's not the value of the building on the land that is going up.
This modern landed gentry are not improving the economic value of their land. They are extracting the economic value through higher resale prices. Because *other people* are doing productive economic activity nearby.
It's the same idea as "everybody works but this vacant lot" [1] on a large scale.
> Doesn't that strike you as obvious bullshit?
No. You can go read the paper, come back and argue methodology.
The economic GDP gain for a person from West Virginia to NYC is large.
I think people mainly think of it as "their home and their community" rather than "economic extraction"
// calculated 50% GDP losses in the US because of large metro areas being too expensive to move into
Doesn't that strike you as obvious bullshit?