[yonran]

There wasn’t much of a bubble. The price bubble that people cited is mostly explained by exclusionary zoning driving up rents in Closed Access cities (e.g. New York, San Francisco, Boston) and migration from those cities to Contagion cities (e.g. Phoenix, Las Vegas, Seattle). There was no reason for the government to destroy home values nationwide in cities that had no boom at all (e.g. Atlanta). And given that since the Great Recession, rents and prices have risen even higher than the peak of the “bubble” in Closed Access cities, we now can see that the entire Recession was pointless since the Fed killed the homebuilding industry in Contagion cities but didn’t address the root of the problem in Closed Access cities.