Housing Supply and Housing Bubbles
---- Acknowledgements -----
We thank Jose Scheinkman, Andrei Shleifer, participants at the University of British Columbia's 2008 Summer Symposium on Urban Economics and Real Estate, the editors and referee for helpful comments on the paper. Naturally, we remain responsible for any errors. Glaeser thanks the Taubman Center for State and Local Government for financial support. Gyourko and Saiz thank the Research Sponsor Program of the Zell/Lurie Real Estate Center for the same. Finally, Andrew Moore provided excellent research support on the empirical work. Scott Kominers and Matt Resseger provided excellent research assistance on the theory. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.