Factually inaccurate. The reason the cost of living is lower in red states is simply due to location. People desire to live in coastal cities like NY, SF, LA, Seattle, etc.
Supply and demand drive prices. Do you think real estate is expensive on the upper east side in Manhattan because of an undue restriction on housing supply? Or is it just because many people want to live and work in NYC?
I don't know much about Manhattan, but SF is not allowing supply to meet the demand being signaled by absurd prices. Density in the neighborhoods is very low and construction that would increase it is almost never approved.
The SF bay area is an outlier, and yes, I agree about the restriction of supply problems we face (I live here). But to simply paint all blue states as similar to SF is inaccurate.
The fastest growing region in the United States is the South. Of the top 10 fastest growing states in 2019...only 2 of them voted blue in 2016. California is growing at its slowest rate in history:
Yes, supply and demand drive prices, but if you artificially constrict supply like California does with absurdly restrictive zoning laws and inflexible housing policies that only act to protect inflationary ponzi scheme, then you get the present-day California real estate market bubble.
Supply and demand drive prices. Do you think real estate is expensive on the upper east side in Manhattan because of an undue restriction on housing supply? Or is it just because many people want to live and work in NYC?