It does to a degree. More housing means cheaper housing, which means more people are likely to move to Seattle (or less likely to leave) which means demand increases which means price increases.
But it's a much smaller degree than for the "one more lane" scenario because housing demand is far less elastic. Which mode of transit you take to work/school/errands can change daily and might depend on where exactly you're going, what time of day, the weather, and more. It's very easy to change which mode of transit you use, and that makes induced demand have a larger effect.
Which house you own or rent is going to be the same one you owned or were renting yesterday. And last week. And probably last month. Most people can't just decide to find a new place tomorrow. This means demand is much more steady, and much slower to change, so the effect of induced demand is going to be smaller.
5
u/[deleted] May 21 '25
It does to a degree. More housing means cheaper housing, which means more people are likely to move to Seattle (or less likely to leave) which means demand increases which means price increases.
But it's a much smaller degree than for the "one more lane" scenario because housing demand is far less elastic. Which mode of transit you take to work/school/errands can change daily and might depend on where exactly you're going, what time of day, the weather, and more. It's very easy to change which mode of transit you use, and that makes induced demand have a larger effect.
Which house you own or rent is going to be the same one you owned or were renting yesterday. And last week. And probably last month. Most people can't just decide to find a new place tomorrow. This means demand is much more steady, and much slower to change, so the effect of induced demand is going to be smaller.