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What Makes Home Ownership So Hard to Achieve?

In our item last week on high housing costs, we pointed out that land use regulations cause shortages of new homes and apartments in many cities and thus artificially raise prices.

A new American Enterprise Institute study by Tobias Peter and Edward Pinto documents that more residential land use regulation translates into higher prices.

According to the authors:

Supply is constrained by zoning that fails to recognize a location’s highest and best use, procedures and approvals that add time and expense, and urban-growth boundaries that limit available land… The result is a government-run system that is unresponsive to market conditions and leads to housing unaffordability.

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