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Housing price is part of a complicated equation about why people buy houses in certain neighborhoods.

An economist in Boston, Alan Clayton Matthews, knows a great deal about the Massachusetts economy. Some years ago, we were talking about the story that out-of-sight housing prices were strangling economic growth—i.e. there was a housing shortage. Alan said that worrying about the housing stock per se was the wrong way to think about things. Potential residents—the Creative Class?—weren’t looking for just housing. They were looking for housing in communities with good schools.

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