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Yes In My Backyard!

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Yes In My Backyard!

Persuasion January 3, 2022
Urban PolicyHousing

It’s time to get serious about solving America’s housing crisis.

America is in a housing crisis. Home prices today are 41% higher than the peak of the housing bubble in 2006, while median incomes rose just 8.8% over the same period. Once-affordable Charlotte, Dallas, Denver, and even Cleveland are joining the pricier coastal cities of Boston and Seattle in record home price rises over the past year. Just 3% of homes sold nationally this August went for under $200,000, roughly the price of a once-typical starter home.

Pro-housing advocates argue that home prices are artificially high because the supply of homes is dangerously low, thanks to red tape and costly bureaucracy. Less supply and rising demand mean higher prices—it’s Economics 101. Indeed, America is nearly 4 million homes short of demand. Zoning rules carve up cities and towns with top-down dictates on what property owners can do with their own land, like mandates for single-family homes on enormous lots with lots of required parking.

Continue reading the entire piece here at Persuasion

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Michael Hendrix is the director of state & local policy at the Manhattan Institute.

Photo by grandriver/iStock

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