"the public sector ought to have, and in practice generally does have, a much lower discount rate than the private sector. This used to be a big part of debates on the economics of climate change. But it’s also relevant to housing." (see also CA Prop 13)

an excellent post by @jwmason

https://jwmason.org/slackwire/what-kind-of-housing-is-being-built-in-new-york/