Kevin Erdmann is an independent researcher and blogger at Idiosyncratic Whisk, where he explores economic and financial topics such as housing, investment, and speculation. He is also the author of an upcoming book titled, *Locked Out: How the Shortage of Urban Housing is Wrecking our Economy*, and he joins the show today to discuss it. Contrary to popular belief, Kevin argues we built too few houses not too many, during the housing bubble. David and Kevin break down this housing shortage problem, as they explore how the limited supply of housing in closed access cities may have helped fuel the Great Recession. Kevin's Twitter: @KAErdmann Kevin's blog: http://idiosyncraticwhisk.blogspot.com/ Related Links: *A Slide Deck on the Bubble and Crisis* by Kevin Erdmann http://idiosyncraticwhisk.blogspot.com/p/a-slide-deck-on-bubble-and-crisis.html *Housing: Part 238 – Home Price Changes Over Time* by Kevin Erdmann http://idiosyncraticwhisk.blogspot.com/2017/06/housing-part-238-home-price-changes.html *Housing Constraints and Spatial Misallocation* by Enrico Moretti & Chang-Tai Hsieh https://www.aeaweb.org/articles?id=10.1257/mac.20170388&&from=f David's blog: macromarketmusings.blogspot.com David's Twitter: @DavidBeckworth

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“What did the council decide on item 42?” — answered with the speaker and the moment.