https://www.citylab.com…

https://www.citylab.com/equity/2019/05/housing-supply-home-prices-econo…

A new analysis finds that liberalizing zoning rules and building more won’t solve the urban affordability crisis, and could exacerbate it.
Upzoning does little to change this fundamental imbalance. Because land in superstar cities and tech hubs is so expensive to begin with, upzoning tends to create even more expensive condominium towers.

Economist Tyler Cowen agrees that the ultimate beneficiaries from zoning and building deregulation are landlords and developers. As he puts it, “the gains from removing taxes/restrictions on building largely will be captured by landowners … More stuff will be built, urban output will expand, land still will be the scarce factor, and by the end of the process rents still will be high.”And a recent study by Yonah Freemark found that upzoning in Chicago led to higher, not lower, housing prices, while having no discernible impact on local housing supply.