A review of Murray's 'Great Housing Hijack'

In The Great Housing Hijack , Cameron Murray sets up a framework with five equilibria (asset price, rental, spatial, density, and absorption rate), which he applies to various policy issues. I found a couple of insightful points. For example, the price-to-income ratio is a flawed measure of housing (ownership) affordability, because we really care about the cost of housing services (i.e., mortgage…