High housing costs continue to place economic pressure on American households. In the third quarter of 2022, the median home sales price was $454,900, up from $411,200 in the same quarter of 2021 and a nearly 43% increase from $318,400 in the third quarter of 2019 before prices skyrocketed during the pandemic. Rent prices have also risen dramatically over recent years. A persistent shortage of housing units is partially responsible for the increase in housing costs. Addressing burdensome land-use regulations could help alleviate the growing housing shortage.
The housing shortage is not new. Even before the supply chain and labor disruptions
