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Shut Out provides a much-needed correction to the causes and consequences of financial crises and secular stagnation. The United States suffers from a shortage of well-placed homes. This was true even at the peak of the housing boom in 2005. Using a broad array of evidence on h…
Erdmann uses a broad array of evidence on housing inflation, income, migration, homeownership trends, and international comparisons to demonstrate that high home prices have been largely caused by the constrained housing supply in a handful of magnet cities leading the new econo…