Housing Crisis in California
分析了加州住房危机中市场对需求增长的反应失灵，指出公共政策和制度因素对土地、信贷、基础设施和公共服务的限制是主要原因。
California's housing crisis represents the market's failure to respond to a dramatic, permanent increase in housing demand. This failure is largely due to public policies and institutional factors that limit the use of land, credit, infrastructure, and public services. The author examines the new demand and the impact of nonmarket constraints on mortgage credit, land-use policy, and public finance.