The federal government has limited ability to influence housing costs due to the predominance of local land-use regulations. Major cities like San Francisco and New York face high home prices driven by restrictive zoning laws, which inhibit new development. Mike Simonsen's research highlights a correlation between land-use restrictions and housing affordability, revealing that cities with more regulation, such as San Francisco, have the lowest affordability. Conversely, cities with fewer regulations, like Houston, demonstrate greater affordability, showcasing a clear trend across varying markets.
The restrictive land-use regulations significantly impede new development, contributing to high housing costs in major cities like New York and San Francisco.
Simonsen's research indicates a clear trend: cities with more land-use restrictions tend to have lower housing affordability.
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