Housing Policy

The fundamental constraint on housing affordability in high-demand metros is a lack of supply, driven by local land-use regulations.

Zoning and Supply

Exclusionary zoning—specifically single-family only zoning—prevents the densification necessary to meet demand in economically productive regions. This artificially inflates land values and pushes development to the exurbs, exacerbating climate emissions.

Demand-Side Subsidies

Policies that subsidize demand (e.g., first-time homebuyer credits) in a supply-constrained market largely capitalize into higher prices, benefiting current landowners rather than making housing more affordable for new entrants.