Part 4/11:
The speaker underscores that the core problem is not software but government regulation and policy decisions that constrict housing supply. He notes that Seattle and other progressive cities have layered regulations—restrictions on land usage, lengthy permitting processes, and high taxes—that drastically reduce the number of new housing units being built.
For example, in Washington State, apartment permitting has plummeted by over 66% in recent years. This supply shortage, coupled with high demand driven by a strong economy and job opportunities, especially in the tech sector, drives rents skyward. The problem is supply and demand, not the tools used to price rentals.