Yes good point on the averages. I'm sure both effects do have impact at the lowest income levels, but haven't seen detailed work (like this emerging lit on vacancy chains) measuring that. Are you aware of anything out there? (I haven't done a thorough lit review, so perhaps I'm just being lazy!)

Interesting paper thanks for sharing Jim! This emerging literature is fascinating. What do you make of their fig 2, which seems to show the filtering never reaches households at the income levels served by non-market units? Do you think this sort of filtering can reach a those income deciles?

Maybe Politics Theory Other?

Looks really interesting, but that link might be broken? I get a "server not found" error

*cheaper than they might otherwise have been, if we had done nothing at all - which (it goes without saying) is the only alternative

What do you think of other models for setting non-market rents Anna? Perhaps you're familiar with Ireland's cost-rental scheme, where rents are determined by the cost of provision, rather than set as a percentage of whatever the market rate is. Maybe relevant for somewhere like London too?

Oh I've read the book. But this specific mechanism (permitted use -> profitability -> land price -> house price) seems theoretically compelling, and empirically testable, so I'm surprised no one has done the studies

Great piece Pete. I'm often struck by the force of the argument you make about the role of land prices - to me it seems obvious but I never see it articulated by economists, other than Josh Ryan Collins. Are you aware of any other academic work on it? Or have any ideas on why it's not more popular?