There's two other major factors beyond rent control and zoning. One is cheap credit, insured by the government, and the second is the massive flow of foreign mo

There's two other major factors beyond rent control and zoning. One is cheap credit, insured by the government, and the second is the massive flow of foreign money coming into NA real estate. If you don't take care of all those factors together, you won't get true price discovery. The other thing is, the moment you do get true price discovery, you're popping a giant financialized bubble, and potentially triggering another self-reinforcing downward cycle (we'll be facing that soon anyways though).