There's a fascinating story in The Seattle Times about a new study by UW economics professor Theo Eicher, purporting to show that the bulk of increases in housing prices in Seattle stem from the large overlay of regulations that slow down building, restrict available land, and keep adding up costs.
The estimate is that these factors have added $200,000 to median price of a Seattle house from 1989 to 2006. That would be twice the impact of such factors compared to other U.S. cities, according to Eicher.
Amid the Obamamania, allow me to insert two contrarian thoughts. Both are by way of arguing that the change mantra will have to, er, change. And soon.
A first reason is that other politicians, particularly those holding office, are going to get uneasy about all this call for change. In Maryland, for instance, two members of Congress, one from each party, lost their seats in the Feb. 12 primary, the first time that has happened in the state in 30 years.
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