The Antiplanner recently listed more than half a dozen academic papers that concluded that growth management makes housing more expensive. To this number might be added a paper (really a lengthy blog post with some neat graphics) by economist Issi Romem, who works for the real-estate web site BuildZoom. Romem finds that urban areas with unaffordable housing haven’t expanded geographically to match their population growth, while areas that have expanded geographically remain affordable.
An article in the Wall Street Journal breathlessly reports this as news, when it is only news to those who have drunk the kool-aide of urban planning. The writer of the article, Laura Kusisto, has apparently listened to too many urban planners herself, for she reports that urban “sprawl” has a “tendency to lead to oversupply that can lead home prices to crash.”
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This is completely wrong; the cities that Romem reports have grown geographically did not bubble and crash in the 2000s. Instead, the urban areas that saw housing prices crash are the ones that tried to contain sprawl. Too bad the WSJ can’t afford to hire reporters who understand a smattering of economics, such as the fact that restricting supply makes a good inelastic which in turn makes its price more volatile.
