Competing Institutional Solutions to Housing Supply Restrictions
n the last few years, increasing numbers of people across the political spectrum and across the developed world have begun to recognize the effects of restrictive housing rules on high housing prices in many global cities. In these cities, the physical cost of producing an additional unit of housing is lower than the value at which one could sell it for, but people do not produce more because of regulations. And importantly, the implications of restricted housing development don’t end with elevated prices, as those prices create economic and social ripples.
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