This is exactly what Sowell spoke about several years ago, nice to see it with hard data though. Thomas Sowell: Oh, because Dallas wasn't part of the boom and

This is exactly what Sowell spoke about several years ago, nice to see it with hard data though. Thomas Sowell: Oh, because Dallas wasn't part of the boom and it wasn't part of the bust. Peter Robinson: How come? Thomas Sowell: Because in Dallas they don't have the restrictions on building houses that we have in Coastal California. Houston was--is very similar. Houston doesn't even have zoning laws. And so therefore if people wanted more houses in Dallas or Houston, the villages built more houses and the prices didn't rise. Peter Robinson: Supply is able to adjust to demand. Thomas Sowell: That's it. Peter Robinson: Much more easily, much more easily in these markets. Thomas Sowell: Yes. http://media.hoover.org/sites/default/files/documents/uk-sowell-7-09.pdf http://media.hoover.org/sites/default/files/documents/uk-sow...