Causes of the Great Housing Shortage

The housing recovery is still incomplete. Even in the nation’s fast-growing metro areas, new construction is not keeping pace with demand. The lack of supply has created a housing shortage and is well known at this point. What is less discussed are the reasons why we have under-built housing. Given high rents and home prices, why haven’t we seen a stronger supply response to chase those profits?

Source: Causes of the Great Housing Shortage | Oregon Office of Economic Analysis