Why Is There a Housing Crisis?

zRants

By Richard Walker :eastbayexpress – excerpt

Yes, we need more housing. But the real “market distortions” propelling the crisis are inequality, speculation, financial bloat, tax havens, and more.

The Bay Area’s outrageous housing prices have led to howls of protest. Average rents have shot up by half during the last five years. Rents and house prices are the highest of any metropolitan area in the country and among the most unaffordable in the world. This is not just true of San Francisco but applies to the entire Bay region — now twelve counties and 8.5 million people, according to the US Census.

According to mainstream policy shops and planners, such as Gabriel Metcalf, president and CEO of the pro-urban growth organization SPUR, the housing crisis is caused by activists and neighborhood residents who oppose more market-rate housing development. Their solution is to allow developers to build more freely.

But…

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