From 1992 to 2006, the price of houses in the United States nearly tripled, primarily because increasingly stringent, local government land-use controls hampered the construction of urban housing. A full accounting of the U.S. mortgage crisis must recognize the role these restrictions played in distorting the market for subprime loans.
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|Other Independent Review articles by Edwin S. Mills|
|Summer 2010||Letter to the Editor|
|Fall 2007||The Attrition of Urban Real-Property Rights|