Shut Out: How a Housing Shortage Caused the Great Recession and Crippled Our Economy (Hardback)Kevin Erdmann (author)
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Publisher: Rowman & Littlefield
Number of pages: 322
Weight: 658 g
Dimensions: 229 x 161 x 26 mm
"Do you believe that you know what happened during the housing bubble and bust? Think again. Kevin Erdmann has amassed a wealth of fascinating data that sheds new light on what actually went wrong with America's housing market. The basic problem was not too much building or too much lending to low-income people, but rather restrictive housing-development laws pushed people out of 'closed-access cities' on the two coasts and into the 'contagion cities' in Arizona, Nevada, and Florida that were the epicenter of the housing boom. This book sheds important new light on a number of issues beyond housing, including monetary policy, income inequality, and international investment flows." -- Scott Sumner, author, "The Midas Paradox," and blogger, "The Money Illusion"
"Kevin Erdmann challenges the most well-known explanations for the housing crash. He argues that the bust, rather than the boom, is the truly exceptional story-a result of excessive restrictive credit policy, borne out a lack of understanding of what caused the boom. One needn't agree with his story in full to see that he scores extremely important points and adds a perspective that has been missing from discussions and public policy responses to the housing crash. Fixing supply constraints in rich areas, Erdmann shows, will not only make us richer by allowing people to move to areas where they can get higher wages; it will also make our economy sturdier and less prone to the type of disasters that set back the national and, indeed, the world economy in 2007-08." -- David Schleicher, Professor of Law, Yale Law School
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