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
The Rise of Zoning Reform
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crisis spread from mainly coastal cities to the rest of the nation, cities and states are taking a serious look at outdated zoning codes that hamper efforts to build more housing.
U.S. Home Sales to Foreign Buyers Drop by Almost 10 Percent
International purchases of homes on the U.S. housing market slowed in the last year.
New Research Blames Affluent Suburbs for Housing Crisis
Small, often wealthy enclaves build far less multifamily housing than their larger counterparts, exacerbating the dearth of affordable housing near big cities and job centers.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Ken Jennings Launches Transit Web Series
The Jeopardy champ wants you to ride public transit.
Texas Bills Could Push More People Into Homelessness
A proposal to speed up the eviction process and a bill that would accelerate enforcement of an existing camping ban could make the state’s homelessness crisis worse, advocates say.
USGS Water Science Centers Targeted for Closure
If their work is suspended, states could lose a valuable resource for monitoring, understanding, and managing water resources.
Driving Equity and Clean Air: California Invests in Greener School Transportation
California has awarded $500 million to fund 1,000 zero-emission school buses and chargers for educational agencies as part of its effort to reduce pollution, improve student health, and accelerate the transition to clean transportation.
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