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Rich Cities Created the Housing Shortage

Full Wall Street Journal article here

Could the dramatic pause in the housing market soon become a steep slide? Home sales, prices, and new construction have been rising more slowly each month, triggering memories of the 2008 collapse. That crisis was a comeuppance from the excesses that preceded it: too much money, debt, housing, imports, and consumption. Americans lived beyond our collective means, and the bills inevitably came due.

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