From 1992 to 2006, the price of houses in the United States nearly tripled, primarily because increasingly stringent, local government land-use controls hampered the construction of urban housing. A full accounting of the U.S. mortgage crisis must recognize the role these restrictions played in distorting the market for subprime loans.
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Edwin S. Mills is emeritus professor of real estate and finance in the Kellogg School of Management at Northwestern University.
| Other Independent Review articles by Edwin S. Mills | |
| Summer 2010 | Letter to the Editor |
| Fall 2007 | The Attrition of Urban Real-Property Rights |
