Government, not investors, is to blame for the housing crisis

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Joel Griffith is a research fellow in The Heritage Foundation’s Roe Institute for Economic Policy Studies.

With so much attention fixed on soaring prices for gasoline and groceries, one can almost overlook the fact that we’re also enduring an affordable housing crisis. The question is, why?

Spanning the pandemic era from February 2020 through May 2022, home prices soared 43.5 percent. Over the past 12 months, home prices are up 19.7 percent, while residential property prices in the United States, adjusted for inflation, are now 6.7 percent above the previous all-time record levels of the 2006 bubble.

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