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Artificial scarcity seems like it would affect institutional buyers and mom & pop buyers the same way. Perhaps it's more accurate to say that institutional buyers are a symptom of the Cantillon effect.
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I’m thinking it’s a combination of both but that artificial scarcity is why real estate carries a large premium over its use value.
Cantillonaires need safe places to park lots of capital.
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Institutional buyers are a symptom of problems in the real estate sector, like artificial scarcity.
This is a classic government breaking your legs and selling you (broken) crutches situation.