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MichaelVassar comments on Misleading the witness - Less Wrong
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Housing markets aren't even theoretically efficient. Too big, diffuse, illiquid, etc.
ok, but are you arguing that Matt's skepticism is unwarranted? are you heavily invested in realestate?
Don't forget bad zoning regulations: http://www.heartland.org/publications/environment%20climate/article/10635/Landuse_Regulation_Makes_Housing_less_Affordable_Harvard_Study_Finds.html