"Our own more recent housing boom and bust began when local politicians in various places began severely restricting the building of houses, in the name of "open space," "smart growth" or whatever other political slogans were in vogue.
As housing prices skyrocketed in such places as coastal California, both renters and home buyers in these particular places often had to pay half their monthly income just to put a roof over their heads. This in turn led to Washington politicians declaring a need for nationwide laws and policies to create "affordable housing," even though people in most of the country were paying a lower share of their income for housing than in previous years.
This political crusade for "affordable housing" was at the heart of laws, regulations and even threats from the Department of Justice, against mortgage lenders who failed to lend to as many low-income and minority borrowers as the politicians wanted them to."
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