2004), pp. 15, 20, tinyurl.com/3xc55y.
29. Eric A. Hanushek and John M. Quigley, “What
Is the Price Elasticity of Housing Demand?”
38. National Association of Realtors, “Existing-
Review of Economics and Statistics 62, no. 3 (August
Home Sales Overview Spreadsheet for Database
1980): 449–54.
Work,” tinyurl.com/2xbvxz; Census Bureau, “New
Residential Sales,” tinyurl.com/2frvp; and Census
30. Data from the 1990 and 2000 censuses are avail-
Bureau, “Annual Estimates of Housing Units for
able on line at census.gov. In the 2000 census, medi-
the United States and States, April 1, 2000 to July 1,
an family incomes are in table P77, and median val-
2006,” tinyurl.com/2w7a65.
ues of owner-occupied housing are in table H85. In
the 1990 census, median family incomes are in table
39. William A. Fischel, The Homevoter Hypothesis:
P107A, and median values of owner-occupied hous-
How Home Values Influence Local Government Tax-
ing are in table H061A. In the 1980 census, median
ation, School Finance, and Land-Use Policies (Cam-
family incomes are from 1980 Census of Population, vol.
bridge, MA: Harvard University Press, 2001), p. 4.
1, Characteristics of the Population. Chapter C, General
Social and Economic Characteristics, Part 1, United States
40. O’Toole, “Do You Know the Way to L.A.?”
Summary (PC80-1-C1), Table 247, “Summary of Eco-
nomic Characteristics for Areas and Places”; 1980
41. Paul Krugman, “That Hissing Sound,” New
Census of Housing, vol. 1, Characteristics of Housing Units.,
York Times August 8, 2005, tinyurl.com/hl5vu.
Chapter A, General Housing Characteristics, Part 1, United
States Summary (HC80-1-A1), Table 76, “Financial
42. Alan W. Evans and Oliver Marc Hartwich, Un-
Characteristics for SCSAs and SMSAs.” In the 1970
affordable Housing: Fables and Myths (London: Policy
census, median family incomes are from 1970 Census
Exchange, 2005), p. 9, tinyurl.com/ypyooj.
of Housing, vol. 1, Housing Characteristics for States, Cities,
and Counties, Part 1, United States Summary, Table 17,
43. Edward Glaeser, The Economic Impact of Restrict-
“Financial Characteristics for Areas and Places”;
ing Housing Supply (Cambridge, MA: Rappaport
1970 Census of the Population, vol. 1, Characteristics of the
Institute, 2006), p. 1.
Population, Part 1, United States Summary Section 2,
Table 366, “Median Income in 1969 of Families by
44. Office of Federal Housing Enterprise Over-
Type of Family and Race of Head for Standard
sight, “2Q 2007 Manipulable Data for the Census
Metropolitan Statistical Areas of 250,000 or More.”
Divisions and U.S.,” 2007, tinyurl.com/2nedaj. This
home price index can be compared with GDP price
31. Office of Policy Development and Research,
deflators in Budget of the United States Govern-ment:
“FY 2006 Income Limits,” tinyurl.com/3dsd5w.
Historical Tables (Washington: White House, 2007),
pp. 192–93, tinyurl.com/2qa7me.
32. Office of Federal Housing Enterprise Oversight,
“Downloadable HPI Data,” tinyurl.com/2nhr7z.
45. Les Christie, “Flippers Fuel Foreclosures,” CNN
Money.com, August 30, 2007, tinyurl.com/2g79vt.
33. Randal O’Toole, The Planning Penalty: How
Smart Growth Makes Housing Unaffordable (Bandon,
46. Jeffrey Gold, “Hovnanian Cuts Prices as Home
OR: American Dream Coalition, 2006), tinyurl.
Sales Cool,” Washington Post, September 13, 2007.
com/yqzpyn. A spreadsheet with a complete data
series from 1959 through 2005 showing median
47. As calculated by the author, the correlation
family incomes, median home values, and related
coefficient between 1999 price-to-income ratios
information for all metropolitan areas in the U.S.
and the growth in housing prices between 1999
may be downloaded from tinyurl.com/28wee3.
and 2006 is 0.57. In the social sciences, any correla-
tion above 0.5 is considered strong. Calculations
34. Peter Whoriskey, “Washington’s Road to Out-
were based on 2000 census data described in note
ward Growth,” Washington Post, August 9, 2004,
30, 2006 median income data described in note 31,
tinyurl.com/3jpst.
and the growth in home prices between 1999 and
2006 based on data described in note 32.
35. Charles F. Barr, The Federal Land Stranglehold—
and What Nevada Can Do About It (Las Vegas: Nevada
48. Based on data for metropolitan areas described
Policy Research Institute, 2007), tinyurl.com/2bv
in note 32.
ww5.
49. Calculations based on the data described in
36. Douglas Porter, “The Promise and Practice of
note 44.
Inclusionary Zoning,” in Downs, pp. 212–48.
50. Glaeser, Economic Impact, p. 1.
37. Benjamin Powell and Edward Stringham, Hous-
ing Supply and Affordability: Do Affordable Housing
51. National Family Opinion, Consumers Survey
Mandates Work? (Los Angeles: Reason Foundation,
18