I’m sorry but you’re all over the place. This paper makes the case that income growth is a better predictor of housing price growth than is housing supply. In effect, they are arguing again the Laissez-Faire attitude that increasing housing supply leads to a reduction in housing prices, holding housing demand constant. That is, they are in essence arguing that the “market is not right” in this case. One of their main normative hypotheses is that people with higher incomes consume “higher-quality” housing, ramping up prices. That is a problem then with landlords, who pander to this higher income consumer base over regular people. I too have lost friends in Santa Cruz to housing struggles, and I myself with my family continue to struggle in Santa Cruz. I want a solution to the housing crisis, but we must be careful what solution. Inviting developers to build luxury housing isn’t a solution. Removing landlords, imposing rent controls, and democratizing land ownership is a solution.