Supply skepticism lite (opens in new tab)

A recent “supply skeptic” paper by various academics has gotten a lot of attention in housing-related social media. The somewhat sensationalistic title is: “Inequality, not regulation, drives America’s housing affordability crisis.” But unlike most random rants from “not in my back yard” activists, the authors do not pretend that the law of supply and demand is irrelevant to housing costs: instead, they argue that demand is important and supply is not.