[quote=temeculaguy]BG-I used manahatan as an extreme example. There’s NYC and the midwest, everything else is on a sliding scale in between the two. Zoning plays a role too in that scale. Did you know that the city of poway is essentially built out and you cant knock down a house and build three condos there, like you can in San Diego. Even my own beloved Temecula is near build out. Zoning is what Shiller refers to as “land restricted.” It throws off the formula, much of So cal is strictly zoned, hence the silly prices and also why sdrealtor sees what he sees, not much land left for anyone to do what they please.[/quote]

TG, I could see the City of Poway now being built out but what about uninc Poway? Isn’t there land still left there or vacant lots (already subdivided) available for building (a SFR) on in that area?

I agree that CA, in general, has far more restrictive zoning than say, Texas, with huge swaths of nothing but flat land as far as the eye can see. Don’t you feel that CA’s restrictive zoning benefits every resident here? I don’t think the zoning is restrictive enough in the coastal counties, mostly due to recent “boom time” greed of cities and counties who saw new property tax dollars coming in to enable them to “hire up” (and then lay off when tax bills were all lowered due to the (more recent) bust :={