本书第1章房地产繁荣的经济学原理
2005issue of the Federal Reserve Bulletin，under the title “New Information Reported under HMDA and Its Application in Fair Lending Enforcement.”The decline in the Federal Reserve’s interest rate from 2001to 2003is from page 69of Jiitiinri？i/ior/I by Mark Zandi.The fact that the Federal Reserve reduced the federal funds rate to its lowest level in decades during the early years of the 21st century was mentioned on pages 276and 277of an article titled “Monetary Policy，Credit Extension，and Housing Bubbles：2008and 1929”in Critical Review，Vol.21，combined numbers 2and 3（2009）.The increased reliance on savings as the primary source of a down payment on a home airiong California home buyers after the housing bust is from page 24of the report State ofthe California Housing Market 2008-2009，published by the California Association of Realtors.The decreasing proportion of first-time home buyers in California in the early years of the twenty-first century is from page 13of the same study，while the disparity in the size of down payments between first-time home buyers and repeat home buyers in California is from page 39.The fact that the top ten areas with the highest rates of home price appreciation were in California is from page 4of the study “California’s Newest Homeowners：Affording the Unaffordable，”C？i/jerk Coa "s：Po]？ulation Trends and Profiles，published by the Public Policy Institute of California in August 2003.The increase in home prices in California after the decade of the 1970s is discussed on pages 232to 234oY Regulatory Talkings.-Las，Economics，and Politics，by William A.Fischel.The statement that in 2005the median-priced San Francisco Bay Area home cost more than three times the national average is from page A11of a front-page story from the October 16，2005issue of the San Francisco Chronicle，under the headline “Making Ends Meet：Struggling in Middle Class.”The fact that the median sales price of a home in San Francisco reached 1765，000in 2005was reported on page 3of the study “California’s Newest Homeowners：Affording the Unaffordable，“Cn/orziin Comm/i：Po ？ulatlon Trends and Profiles，published by the Public Policy Institute of California.The 2，000per day increase in the value of homes in San Mateo County，California，during March 2005is from page 1of the April 15，2005issue of the San Mateo County Times，under the headline “County’s“Median Home Cost over lM，”while the relatively small size of these homes ismentioned on page 6of the same article.That the median sales price for homes in the state of California reached 561，000in 2006was shown on page 63of the study Stii/e oJ/he Ciz/oriti？Housing Market 2008-2009，published by the California Association of Realtors.The 13percent increase nationwide in home price appreciation from 2004to 2005，and the rates of appreciation for Arizona and Michigan were reported on pages 1，2and 15，16of the report “House Price Appreciation Continues at Robust Pace，”
published by the Office of Federal Housing Enterprise Oversight on March 1，2006.The quote about a graduate student in San Francisco ”visiting one exorbitantly priced hovel after another”is from page F1of the September 16，2007issue of the San Francisco Chronicle，under the headline “Squeeze Hits Landlords.”The fact that incomes were rising less rapidly in California than in the rest of the nation at the same time that the state’s home prices were soaring is from page 238of Regulatory Takings.-Law？，Economics，and Politics，by William A.Fischel.The rate of population increase in the San Francisco Bay Area during the 1970s compared with the national rate is from page 9of a 1982study by the Stanford Environmental Law Society tided Land Use and Housing on the l3an Francisco Peninsula edited by Thomas M.Hagler，while the nearly four-fold rise of home prices in Palo Alto，California，during the 1970s when the city’s population declined by 8percent was mentioned on pages 85and 89.The wide range in the cost of a quarter-acre lot in Chicago，San Diego，New York and San Francisco was noted on pages 15and 16of the study “The Impact of Zoning on Housing Af：fordabi1ity，”Working Paper 8835，written by Edward L.Glaeser and Joseph Gyourko and published by the National Bureau of Economic Research in March 2002.The amount of open space in San Mateo County，California，is noted on page 2of the December 10，2003issue of the San Mateo County Times，under the headline “Open Space.”The connection between home price increases and restrictive land use laws is quoted from page 35of the study ”The Planning Penalty：How Smart Growth Makes Housing Unaffordable，”written by Randal O’Toole and published by the Independent Institute in 2006.The fact that 23of the 26“severely unaffordable”international urban areas follow “smart-growth”policies isrestrictions enacted in Loudoun County，Virginia，were described on pages B1andB4of the July 24，2001issue of the Washington Post ‘in an article titled “Loudoun Adopts Strict Controls on Development，”while similar restrictions enacted in Fayette County，Kentucky，were mentioned on page 33of the study，“The Planning Penalty：How Smart Growth Makes Housing Unaffordable，”written by Randal O’Toole and published by the Independent Institute in 2006.The wide range in home prices between communities with and without growth-management policies is quoted from page 6of the same study.The comparison of home prices between Houston and San Jose is from page 8of the October 17，2007issue of Policy Analysis，No.602，in a study tided “Do You Know the Way to L.A.？：San Jose Shows.How to Turn an Urban Area into Los Angeles in Three Stressful Decades.”The realestate advertisement from the St.Loud Post-Dis]？atch is from page G7of the March 1，2009issue，and that from the San Francisco
