The Obama Administrative State. @RichardAEpstein, @HooverINST.

Nov 24, 2017, 05:14 AM

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The Obama Administrative State. @RichardAEpstein, @HooverINST.

The current housing crunch in New York, and in other cities like San Francisco, is attributable to a complex set of regulations. Under the modern administrative law system, private property rights are of little consequence when a developer is trying to build. What matters ultimately is that all of the relevant “stakeholders” have a right to participate in an endless negotiation process before anything gets accomplished. The de facto presumption is against changes in both new and existing housing markets. The building permit is the unit of political currency, and each requires enormous inside connections, patience, and luck to obtain. It can take developers many years to obtain their precious permits, if they get them at all…

http://www.hoover.org/research/new-yorks-self-inflicted-housing-crunch