Theo Eicher, founding director of the UW's Economic Policy Research Center, analyzed data from a national index and concluded that Seattle is "one of the most regulated cities" when it comes to land use — and home prices reflect that.
Backed by studies showing that middle-class Seattle residents can no longer afford the city's middle-class homes, consensus is growing that prices are too darned high. But why are they so high?
An intriguing new analysis by a University of Washington economics professor argues that home prices have, perhaps inadvertently, been driven up $200,000 by good intentions.
Between 1989 and 2006, the median inflation-adjusted price of a Seattle house rose from $221,000 to $447,800. Fully $200,000 of that increase was the result of land-use regulations, says Theo Eicher — twice the financial impact that regulation has had on other major U.S. cities.
"In a nationwide study, it can be shown that Seattle is one of the most regulated cities and a city whose housing prices are profoundly influenced by regulations," he says.
- THIS IS YET MORE PROOF THAT LEFTISM ALWAYS WRECKS ECONOMIES.
- FROM THE USSR TO CHINA TO CUBA TO NORTH KOREA TO ZIMBABWE - TO SEATTLE.
- OVER AND OVER AND OVER AGAIN REALTY PROVES THAT LEFTIST POLICIES ARE THE ROAD TO SERFDOM.
- YET THE DEMAGOGUING DEMOCRATS STILL PROMOTE THEM, AND GULLIBLE VOTERS STILL FALL FOR IT. WITH THE HELP OF THE LEFT-WING MSM AND THE LEFT-WING ACADEMY.
- THE POLICES ADVOCATED BY OBAMA AND HILLARY WILL DO THE THE ENTIRE USA ECONOMY WHAT THESE LAND-USE REGS HAVE DONE TO SEATTLE'S HOUSING MARKET.