Sunday, April 11, 2010
Housing prices part 42
In the same linky post, Scott Sumner finds Ryan Avent (in the economist), who explains to us that the difference between sun belt cities that had a housing bubble (remember...the thing that started the recession) was...government intervention. Houston + Dallas have mostly private land, and no bubble...Phoenix and Vegas have mostly public land, an interventionist city/state government, and huge bubbles. One begins to wonder whether there's anything so bad that government help doesn't make it worse.
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1 comment:
Actually most of us in Phoenix blame the huge price disparity between AZ and CA for the Phoenix bubble.
When you can buy a house in Phoenix for 1/3rd the price of one in San Jose or San Diego you tend to get a lot of CA and NY money buying up "investments".
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