There are few ideas in American economic policy that enjoy more universal acceptance than the notion that the United States is suffering from a severe housing shortage. From the Brookings Institution to the Urban Institute, from Freddie Mac to Harvard’s Joint Center for Housing Studies, the experts are practically unanimous: America has failed to build enough homes.
\n\nThe estimates vary, but the conclusion rarely does. Freddie Mac says we’re short 3.7 million homes. Brookings puts the deficit at 4.9 million. The National Association of Realtors has estimated a shortfall of 5.5 million.
\n\nThe evidence can seem so straightforward as to be almost undeniable. We’ve seen soaring home prices and ever-escalating rents. Homebuilding has lagged behind historical averages and has been dropping recently. Politicians get elected promising to freeze rents or expand the housing supply. It’s one of the top complaints of many younger American workers: they cannot afford a home.
\n\nMany economists and politicians blame increasingly restrictive zoning laws that prevent developers from responding to higher prices by building more houses. They are actively scheming to cajole or bribe towns and cities all over America to upend zoning restrictions, especially restrictions on density.
\n\nThis strength of this expert-class consensus and…
Original source: https://breitbart.com/
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