Yeah I suppose unregulated is the wrong word. My overall point though is that this is something the local government can and should do something to fix.
Boston is currently also experiencing a housing shortage/crisis, and has a short and long term plan to help with it, which has already begun to start working.
Over the last 3 years new housing development has outpaced growth (which is also projected to stay strong)[1][2]. And rents are finally starting to dip. [3]
Saying "this is cyclical the market will correct" is probably true, but corrections can take a long time before becoming swift and detrimental. It's possible to fix it quicker, less drastically, and improve things over the short term and long term with well thought out government intervention.
The private market isn't flawless. Steady growth is better than boom and bust.
Boston is currently also experiencing a housing shortage/crisis, and has a short and long term plan to help with it, which has already begun to start working.
Over the last 3 years new housing development has outpaced growth (which is also projected to stay strong)[1][2]. And rents are finally starting to dip. [3]
[1] - http://bostonrealestatetimes.com/boston-mayor-walsh-announce...
[2] - https://www.google.com/publicdata/explore?ds=kf7tgg1uo9ude_&...
[3] - https://www.bostonglobe.com/opinion/editorials/2017/05/28/bo...
Saying "this is cyclical the market will correct" is probably true, but corrections can take a long time before becoming swift and detrimental. It's possible to fix it quicker, less drastically, and improve things over the short term and long term with well thought out government intervention.
The private market isn't flawless. Steady growth is better than boom and bust.