“Rent was already increasing before 1979!”
Mark Bryant

Yes, personally, I agree that NIMBYist laws are the main factor stopping the housing market from building enough new homes. Rent control (and property tax caps, also in the late 70s) may well have contributed to the problem too. I think this data suggests that the supply problem probably existed before but it’s debatable.

As I say in the post, something unexplained is going on in the late 40s. Unfortunately we don’t have the historical payroll data for those years so we can’t see how/if the variables in Fischer’s model diverged during those years.

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