Matthew Strozier of the Wall Street Journal covers a report by Cox for the National Center for Policy Analysis, in which Cox argues that "[t]he housing price bubble was concentrated in areas with restrictive land use policies."
Strozier summarizes the report: "Mr. Cox argues that the housing bust was concentrated in 'prescriptively regulated' areas, or those with extensive barriers to development. These differ from 'responsively regulated' metro areas, which allow development to meet demand."
Patrick Phillips of the Urban Land Institute is brought in to represent the pro-smart growth side. He says, "...it's specious to pin the housing bubble on smart growth."