> The quality of something and validity of people's preferences doesn't depend on popularit
When discussing demand and pricing, preferences are the only thing that matter.
By definition the thing that is the most popular is the thing that is the most in demand and therefore has the most money trying to purchase that good.
This is important and relevant to the discussion of housing, because it tells us how to satisfy the most people's preferences.
Therefore my statement is true and you didn't agree with me when I said: 'Well there is something special about the higher cost places.
That thing special, is that they are more desirable by a much larger amount of people.'.
When discussing demand and pricing, preferences are the only thing that matter.
By definition the thing that is the most popular is the thing that is the most in demand and therefore has the most money trying to purchase that good.
This is important and relevant to the discussion of housing, because it tells us how to satisfy the most people's preferences.
Therefore my statement is true and you didn't agree with me when I said: 'Well there is something special about the higher cost places.
That thing special, is that they are more desirable by a much larger amount of people.'.
This statement is still true.