Americans agree that something needs to be done to fix the housing crisis. The median sales price for homes in the United States has increased more than 30 percent just since the pandemic.
Millions of people are now priced out of the market.A central but overlooked feature of the housing crisis is that it is really a land crisis. Fixing the land problem—from land shortages to excessive land use regulations and high prices—in turn requires local policy reform.The price of land has risen even more rapidly than housing, and now comprises about 40 percent of the share of property value. In a growing number of U.S.
A set of governments reformed laws to enable investors to snap up houses at a large scale and to provide mortgage tax relief, which in turn encouraged multiple home ownership.Japan has taken a different path. Property prices in Tokyo were the most expensive in the world 30 years ago. No more. Affordability has not come because of population decline.
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