local conditions & the housing bubble

How Urban Planners Caused the Housing Bubble by Randal O'Toole:

Some people blame the Federal Reserve for keeping interest rates low; some blame the Community Reinvestment Act for encouraging lenders to offer loans to marginal homebuyers; others blame Wall Street for failing to properly assess the risks of subprime mortgages. But all of these explanations apply equally nationwide, while a close look reveals that only some communities suffered from housing bubbles.

... restrictive growth management was a necessary condition for the housing bubble.