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crisis spread from mainly coastal cities to the rest of the nation, cities and states are taking a serious look at outdated zoning codes that hamper efforts to build more housing.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.
Manufactured Crisis: Losing the Nation’s Largest Source of Unsubsidized Affordable Housing
Manufactured housing communities have long been an affordable housing option for millions of people living in the U.S., but that affordability is disappearing rapidly. How did we get here?
Americans May Be Stuck — But Why?
Americans are moving a lot less than they once did, and that is a problem. While Yoni Applebaum, in his highly-publicized article Stuck, gets the reasons badly wrong, it's still important to ask: why are we moving so much less than before?
Using Old Oil and Gas Wells for Green Energy Storage
Penn State researchers have found that repurposing abandoned oil and gas wells for geothermal-assisted compressed-air energy storage can boost efficiency, reduce environmental risks, and support clean energy and job transitions.
Minneapolis Bans Rent-Setting Software
Four cities have enacted restrictions on algorithmic software that can inflate rent costs.
Oakland to Add 244 New EV Chargers
Oakland plans to launch its new charging network at eight locations by the end of 2025.
Jane Goodall Inspires with Message of Hope, Resilience, and Environmental Action
Speaking in Pasadena, Jane Goodall offered a hopeful and inspirational message, urging global compassion, environmental responsibility, and the power of individual action to shape a better future.
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