A radical rethinking of housing policy is needed to allow housing markets to operate freely--and to make housing affordable and plentiful for the middle class and the poor.

Our data show that land prices were more volatile than house prices during the recent boom/bust cycle. In areas where land was inexpensive in 2000, the land share of property value jumped during the boom, and this rise in the landshare was a useful predictor of the subsequent crash in house...

A radical rethinking of housing policy is needed to allow housing markets to operate freely--and to make housing affordable and plentiful for the middle class and the poor.

Our data show that land prices were more volatile than house prices during the recent boom/bust cycle. In areas where land was inexpensive in 2000, the land share of property value jumped during the boom, and this rise in the land share was a useful predictor of the subsequent crash in house...