Target the Planning Laws

An article in the Financial Times points out that about $10 trillion worth of wealth in the United States is phony, created by restrictive land-use laws that have pushed up the price of housing. Unfortunately, the article is behind a paywall, so most people won’t see it, but the author, Robin Harding, makes several good points.

First, these planning laws contribute to income inequality by making people who already own homes richer while making those who don’t poorer. Harding misses the nuance that, in cities like Portland that have subsidized multifamily housing, renters aren’t as ripped off as they are in the Bay Area, where NIMBY planning has limited all kinds of housing. But it remains true, even in Portland, that the land-use restrictions contribute to an income divide.

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Those who want to reduce income inequality by taxing the rich, concludes Harding, should take another tack. “If we want to make society fairer and more equal, just let people build.”