New Study Highlights Housing Shortages Caused by Regulatory Barriers to Construction
An important new National Bureau of Economic Research study by leading housing economists Edward Glaeser and Joseph Gyourko concludes that reductions in housing construction—likely caused by regulatory barriers such as zoning restrictions—have greatly exacerbated housing shortages and increased prices since 2000. Here is the abstract:
Housing prices across much of America have hit historic highs, while less housing is being built. If the U.S. housing stock had expanded at the same rate from 2000-2020 as it did from 1980-2000, there would be 15 million more housing units. This paper analyzes the decline of America’s new housing supply, focusing on large sunbelt markets such as Atlanta, Dallas, Miami and Phoenix that were once building superstars. New housing growth rates have decr
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