[verteu]

That's not the academic consensus. It's a non-peer-reviewed working paper that contradicts the academic consensus.

The authors are clear about this:

"The standard view of housing markets holds that differences in the flexibility of local housing supply - shaped by factors like geography and regulation - explain differences in how house price and quantity growth respond to rising demand across U.S. cities... Our conclusions challenge the prevailing view of local housing and labor markets"

https://www.nber.org/system/files/working_papers/w33576/w335...

edit: I do think it's a good paper!