Intelligence not necessary to be an A-list liberal blogger

Proof? Ezra Klein doesn’t understand why apartment rents didn’t increase along with housing prices during the bubble:

No one's shocked to see we had a housing bubble, but I'm a bit surprised that rents were totally unaffected. In theory, the run-up in costs should've made it relatively more profitable for landlords to sell, thus depleting the rental stock, and forcing renters to stay competitive by paying more. That didn't happen, though I'm not sure why.

Uhh, Ezra, it’s called the demand half of supply and demand. More people buying homes means fewer people wanting to rent, which means apartment owners can’t raise rates.

Even a communist like me knows that.