Household formations and the tight mortgage market are one thing, but a recent article on Vox examines the role of zoning—and the NIMBYs that control it—in the housing market's stagnating influence on the national economy.
Following on Neil Irwin's recent article in the New York Times' Upshot about the stagnant real estate market, Matthew Yglesias examines data about how strict regulation of the housing market is contributing to the sluggish market.
To explain "why housing is so depressed," Yglesias believes that Irwin neglects to mention zoning while discussing household formation and the mortgage market:
"The reason residential construction is so depressed nationally is that most of the markets with strong housing demand make it extremely difficult, as a regulatory matter, to add additional housing units."
Moreover: "If it's profitable to build this many houses in Houston, it should be profitable to build even more houses in San Francisco — San Francisco is richer, San Francisco has more expensive housing, and San Francisco has better weather. But San Francisco isn't growing as fast as Houston. It's not even close. That's the power of regulation. Not just in the city, but in the surrounding suburbs. Not just in the Bay Area but in liberal metro areas on both coasts."
FULL STORY: NIMBYs are killing the national economy
Texas Bills Aim to Tackle Housing Affordability
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As the housing affordability crisis spread from mainly coastal cities to the rest of the nation, cities and states are taking a serious look at outdated zoning codes that hamper efforts to build more housing.
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
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The Tiny, Adorable $7,000 Car Turning Japan Onto EVs
The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.
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In More Metros Than You’d Think, Suburbs are Now More Expensive Than the City
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The States Losing Rural Delivery Rooms at an Alarming Pace
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