The median home price in the U.S. is six times the median annual income3—fifty years ago it was two times—and the share of first-time buyers4 is barely half the historical average and the lowest on record. Medical debt is the leading cause5 of consumer bankruptcy; half of American adults would not be able to cover a $500 medical bill without taking

Where land is expensive, a lot of people occupy a given patch of it. Where density is low, by contrast, land is typically cheap. The ability of real estate developers to ride the currents of supply and demand ensures that land should always be a low portion of overall housing costs.

Now think about what happens over time. The  prices  of regulated, non-technological products rise; the prices of less regulated, technologically-powered products fall. Which eats the economy? The regulated sectors continuously grow as a percentage of GDP; the less regulated sectors shrink. At the limit, 99% of the economy will be the reg