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High housing prices have caused concerns among policy makers as well as the public in many U.S. regions. There is a general belief that unaffordable housing could drive businesses away and thus impede job growth. However, there has been little empirical evidence that supports this view. In this paper, the authors clarify how housing affordability is linked to employment growth and why unaffordable housing could negatively affect employment growth. They empirically measure this effect using data on California municipalities and U.S. metropolitan areas and counties.
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