[ben_w]

> Real estate is an unusual case, because the really isn't anyone with a monopoly on real estate. The supply constraint comes directly from the government through zoning rules. We effectively have a cartel whose board of directors is the zoning board.

It happens basically everywhere, even when the rules are different. If I understand correctly, the primary limit in the UK is there's not enough builders, which is not to say the government isn't in the way as that's despite it also having constant planning issues with regard to the "green belt"; likewise in modern Germany, my understanding is not enough builders (and again yes the government could be better because bureaucracy is very slow, but they're not the limiting factor); likewise DDR (not even trying to be a free market) where the government was organising the construction work and trying to do it cheap and fast but there still wasn't enough.