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Housing Crisis Causes
- The US housing crisis stems from a lack of affordable housing in desirable cities.
- Contributing factors include zoning restrictions, disincentives for developers, and the decimation of the construction industry.
Homeownership Feedback Loop
- Homeownership in the US is highly valued, leading to regulations protecting homeowners' interests.
- This creates a feedback loop making new construction difficult, further driving up prices.
Zoning and Market Failure
- Hyperlocal zoning control gives existing residents disproportionate power over housing supply.
- This limits incentives to build affordable housing, as developers cater to high-income earners.