Must-Read: Chang-Tai Hsieh and Enrico Moretti: Housing Constraints and Spatial Misallocation: “We quantify the amount of spatial misallocation of labor across US cities and its aggregate costs… http://eml.berkeley.edu//~moretti/growth.pdf …Misallocation arises because high productivity cities like New York and the San Francisco Bay Area have adopted stringent restrictions to new housing supply, effectively limiting the number … Continue reading Must-Read: Chang-Tai Hsieh and Enrico Moretti: Housing Constraints and Spatial Misallocation