The volatility of the housing market is confronted and explained in this exploration of real estate’s ever-growing prices. Though widely recognized by the government, the media, developers, and homeowners, the market’s instability is not generally understood. In addition to offering an explanation for the state of the market, the author proposes a model of tax reform that would allow land prices, and therefore housing prices, to fall back to affordable levels while avoiding a slump in the economy.
