Exploring the Root Causes of the Housing Crisis

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1. 12 July 2026 · corrected by Emir Baycan

   The 9%/$2 trillion figure was the 2015 NBER working-paper estimate; the published 2019 paper revised it down to roughly 3.7%.

   Before

   Hsieh and Moretti estimated that US GDP would be approximately 9% higher, representing roughly $2 trillion annually

   After

   Hsieh and Moretti estimated that US GDP would be approximately 3.7% higher, if New York, San Francisco, and San Jose had maintained median housing supply elasticity since 1964

   Why: Body text was already corrected to the published 2019 paper's 3.7% GDP estimate, but the FAQ schema (JSON-LD) still contained the stale 2015 working-paper figure of 9%/$2 trillion. Updated the FAQ answer to match the corrected body text.

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