Boston, NYC, and DC are all similarly fucked. Not as bad, but not good...
Part of the problem is that a lot of wage growth is concentrated in areas that are experiencing a housing crunch.
Part of the problem is that a lot of wage growth is concentrated in areas that are experiencing a housing crunch.
This is actually a really good point. There's actually a great paper that covers how much higher housing prices have hurt growth due to workers being discouraged from moving to high productivity areas[1]. The tl;dr is that if only NYC, SF, and San Jose adopted the land uses restrictions of a median US city, GDP would be about 9% higher (about $8,775 per worker assuming the labor share of GDP and number of workers doesn't change).