As housing prices continue rising, even in the face of high interest rates, there are many calls to increase housing construction. But some voices, including on the progressive left, oppose development, wrongly saying it won’t help affordability. What is the source of this “supply skepticism”—a belief that increased housing supply won’t affect prices?
There’s no question we’re in an affordable housing crisis. In September, the S&P CoreLogic Case-Schiller Home Price Index was 3.9% higher than one year ago, and it is up by 15% over the past two years.
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