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by marssaxman
530 days ago
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Simpler than that: just roll back the restrictive zoning codes which have been making sufficient development infeasible for many years, thus creating a steadily growing housing deficit. When laws have turned the housing market into a game of musical chairs, someone is guaranteed to be left outside. |
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For example, Corporate Average Fuel Economy (CAFE) regulations. If you get into the gritty details, you'll find that they have a whole bunch ofloopholes that seem to favor larger trucks & SUVs. Many people will point to these regulation as causing people to buy light trucks & SUVs, but the data seems to suggest consumers prefer to buy these vehicles and auto manufacture prefer to sell them (they are extremely profitable). I postulate that, if CAFE requirements were eliminated, the best selling vehicle in the USA would continue to be the F-series and other trucks and SUVs would continue to dominate the top 10, because the regulations are influenced by consumer preference, not the other way around.
I think the same logic applies to zoning. People largely want to own single family homes (SFH) in the suburbs; builders largely want to build SFHs in the suburbs. There's no reason to believe that changes in zoning will cause a meaningful shift in consumer and business preference. In the handful of ultra expensive metro areas, sure it might move the needle because economics trump preference, but in most of the USA, there's plenty of space to build housing. It's hard to imagine a developer in Pittsburgh choosing to build housing in an industrial area in the city over some empty land on the outskirts.