at the margin, of course particular institutions matter. there is a project on the verge of getting built that will with more favorable institutions but won’t without. but the question is quantitative. 1/

one position is basically lots of housing would get built if only, say, zoning laws were more friendly. another position is there aren’t so many projects so close to the margin, given the inherent difficulty of getting infill done in affluent, already desirable neighborhoods, against opposition. 2/

i think the second position is closer to accurate than the first. that doesn’t mean some good projects wouldn’t happen with less restrictive eg zoning laws that fail to happen under the status quo. /fin