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I'm fine with the colloquial term... I don't know what Q_D > Q_S looks like in real life, or how we'd even know, because Q_D would be unobserved in that instance.
I guess we can detect it with the presence of non-price based allocation mechanisms, like lotteries, lines, etc. But with a market as heterogeneous as housing, I'm not sure how easy that is to observe.
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That's fair, and I don't generally mind colloquial terms either.
I just wanted to know how I'm supposed to interpret the statement. Seems like it boils down to "3.7 million fewer homes than some bureaucrat thinks there should be."
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Yeah, pretty much. And then people bandy about these numbers as if they were gospel truth. Which is annoying.
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