It’s not just zoning restrictions that caused housing prices to increase. 1. There was a lot of money circulating during the COVID pandemic as a result of ver

It’s not just zoning restrictions that caused housing prices to increase. 1. There was a lot of money circulating during the COVID pandemic as a result of very low interest rates and other practices intended to stimulate the economy. More money chasing a limited supply of assets means that those assets cost more. 2. WFH during COVID made many areas of the country more desirable since those with remote jobs were not limited to the locations of their employers. I’ve seen exurban areas in California face skyrocketing home prices in 2020-2021 due to WFH demand; Los Baños is a prime example. 3. There may have been increased demand in second- and third-tier cities from those who have been priced out of first- and second-tier cities. For example, Sacramento (my hometown) always gets a large number of former Bay Area residents whenever housing prices in the latter place spike.