As always, the govment did it… fuckd up the whole damn mess.

Land regulation caused the collapse. Too restrictive. so says the “How Texas Avoided the Great Recession.” This statement is from the online summary

By contrast, where land use restrictions were more restrictive (California, Florida and other places), house price increases were far more substantial, as was the subsequent price collapse

Gotta love those land use restrictions out in farm country California… with an almost staggering $500 filing fee you”ve got permits for more than 500 houses that can be sold to those farm workers. Sounds damned restrictive to me. Must have roof. Must have running water. Must have electricity within 30 days. Must have sewage suited for one sink AND one toilet.