[hattmall]

Without the zoning restrictions monetary policy would have a negligible effect. In the 80s interest rates were 15%+ but there was far less restrictive zoning and housing was incredibly cheap. Unrestricted was the default and zoning was loosely defined where it existed at all. The permitting and inspection process was minimal or even non-existent. The 90s were the decade of extreme NIMBYISM, zoning everywhere and arduous inspection processes.

[eesmith]

> In the 80s ... Unrestricted was the default and zoning was loosely defined where it existed at all.

Umm, pardon? Zoning was well-defined by the 1980s. A lot of post-war development was deliberately zoned single-family detached housing, for example.

[hattmall]

The suburban and exurban sprawl in the 80s was driven by developers chasing unrestricted zoning. Sure zoning was defined in metro areas but there was a ton of cheap housing available and a major development boom in the areas that allowed it.

Now even very rural and remote places will in many cases have restrictive zoning and arduous permitting processes.