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.
|Other Independent Review articles by Edwin S. Mills
|Letter to the Editor
|The Attrition of Urban Real-Property Rights