Right. And despite the cruelty of Nauru and a general immigrant-phobic vibe, they also take a lot of immigrants as a percentage of population, i think? Do we need to give MAGA intuitions about immigration and housing more credit than we want to? 1/

Why haven’t these big, land-rich countries been able to stabilize housing prices holding constant safety and amenity levels? I want to say the MAGA view is dumb, because there’s no inherent scarcity, no bottleneck immigration must clog, and yet actual recent experience seems not great? /fin