zlacker

I agree in that the right amount of regulation probably heavily varies between places and over time, but I'd just like to challenge the idea that anything other than complete liberalization of housing investments will inevitably lead to inefficiencies.

> Vienna and Singapore are outliers [...]

A model that has to explain away two historically, culturally, and geographically distinct cities as outliers is not very compelling to me.

Again, I'm not proposing that more regulation is always good, but as soon as e.g. long-term residents are massively getting priced out by outside investors or homeowners start opposing new construction exclusively because of the impact on their property value due to an increase in supply (rather than for actual decreased quality of life), the incentives of the free market start drifting apart from those of the people actually living there.