Also, btw, my estimate of the nationwide shortage is 15-20 million homes. This is how CONSERVATIVE my estimate is. To meet natural demand for household formation, just permitting 3,700 homes annually would have satisfied my estimate of 24,000 homes in Grand Rapids - lower than the current rate.
Kevin Erdmann
btw, in this price chart, it's really easy to see the cost of the shortage in Grand Rapids. The cost is reflected in a premium on land under existing homes across the city. In the poor neighborhood, you can clearly see about a $50,000 premium to the stable pre-2008 price levels.
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