Across much of the United States, housing shortages are often described as market failures or affordability crises. But many economists and planners point to a more basic constraint: local zoning rules frequently limit the supply of housing in high-demand regions.

A large share of the employment gains within Opportunity Zones appears to be offset by job losses in nearby communities. In other words, much of the observed job growth represents a relocation of economic activity rather than the creation of new employment within the broader region.

In parts of California, inheritance is no longer incidental to homeownership. It is becoming central to it.

When new units come online, they reduce demand pressure in the units households leave behind. Over time, that effect extends across multiple segments of the market.