Abundance of land, shortage of housing: a rejoinder

Suppose two countries, Nimbya and Developmentistan, are identical in every respect except for their planning systems (you have probably guessed in which way they differ). Now both experience a wave of immigration of the same magnitude. In Developmentistan, house prices experience a minor, transitory bulge; in Nimbya, they shoot upwards and stay there.

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Source: http://www.iea.org.uk/blog/abundance-of-land-shortage-of-housing-a-rejoinder

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