The principal cause of the extraordinary run-ups of prices in select markets is not bubble economics (they don’t mention the term) but rather “land use planning excesses.” In this regard see page 4. If over-regulation is the problem, then perhaps the bubble won’t burst here after all. Thoughts?
This topic is a real pain,MPOV, no doubt.
However, It is not going to make the inhabitants of this fine region able to afford the significant housing stock or the local economy at status quo. In fact the crazy expenses and delays occurring because of planning and land use is probably in part exacerbating the downturn. It is another factor in putting engineers, contractors and labor out of work and reducing the wholesale and retail suppliers and service providers business. The planning people themselves might lose their jobs because of the double whammy of the housing bust and the exceedingly restrictive requirements they themselves demand. I deal with them frequently and believe me they are concerned. I asked if it were possible they would ease of on the general plan for the county to spur work and they said the state won’t let it happen. Cities are in the same boat.
