Opinion: The Housing Crisis Won't End Until We Change Zoning Laws

In virtually every major city in the developed world, housing has become unaffordable for the average worker. In New York, San Francisco, London, Sydney, and Mumbai, housing costs consume 50-70% of median income. The root cause isn't mysterious???it's restrictive zoning laws that prevent the construction of enough housing.

The Evidence

Cities that have reformed their zoning laws???like Tokyo, Houston, and Auckland???have seen significantly more affordable housing compared to their peers. Tokyo, despite being one of the world's largest cities, has seen housing prices remain relatively stable over two decades precisely because it allows far more construction than comparable Western cities.