"Writing love letters, bidding $100,000 extra: Buying a Southern California home is 'insane'"
Saturated fat, con and pro

"Reforming land use regulations"

Edward Glaeser summarizes his research on zoning regulations and recommends reforms.

Arguably, land use controls have a more widespread impact on the lives of ordinary Americans than any other regulation. . . .

But most productive parts of America are unaffordable. The National Association of Realtors data shows median sales prices over $1,000,000 in the San Jose metropolitan area and over $500,000 in Los Angeles. One tenth of American homes in 2013 were valued at more than double Minimum Profitable Production Costs, and assuredly the share is much higher today. In 2005, at the height of the boom, almost 30 percent of American homes were valued at more than twice production costs.  Our painful housing bust eliminated some of the affordability problem in our most expensive areas, but that problem has returned.