Scott Sumner points out in his new book that heartland housing prices did not collapse after the “housing bubble” “collapsed” before the 2008 recession. This screams to me that it was a supply issue, not a mortgage issue. NIMBYism caused the Great Recession.
color me shocked!
Yes!!!!! Good paper on this:
https://www.mercatus.org/system/files/sumner-housing-recession-mercatus-research-v1_0.pdf