Some people would say that real estate in a geographically contained space like San Francisco is inherently in inelastic supply.

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In other words, in markets with an inelastic supply of homes, the MID will increase the prices of homes rather than their quantity.

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The fundamental point is that, in the presence of inelastic supply curves, demand-side subsidies face a headwind of adverse price effects, while direct public provision gets a tail wind of favorable price effects.

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