Great paper.
It's no coincidence that the urban rent CPI started diverging from real household incomes around the time there was a major permitting downturn in every major U.S. city.
Incidentally, this downturn preceded the Great Financial Crisis.
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Matthew Yglesias
@mattyglesias
Housing affordability has deteriorated in all kinds of American communities, including small and rural counties.
[I want to register an objection to the authors' use of the "superstars cities" concept which makes them the expensive ones by definition]
nber.org/papers/w33694
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