本书第2章房地产繁荣的政治学原理
nation is from page A1of the December 29，2005issue of the New York Times under the headline “Twenty Years Later，Buying a House Is Less of a Bite.”The findings of the Heritage Foundation study can be found on page 9of the August 22，1990Bacltgrounder，No.783，titled ”Washington"s Continuing Fiction：A National Housing Shortage.”Information on the affordability of housing in the United States is from pages 24to 30of the Fall 2002issue of Rrg×héon，in an article tided “Zoning’s Steep Price，”and also pages 117and 118of The Best-Laid P7zizzs by Randal OYoole.Data showing that for the United States as a whole，home costs have not exceeded 25percent of a home buyer’s income since 1985can be found on page 33of the report The State ofthe Nation Housing 200g，published by the Joint Center for Housing Studies of Harvard University in 2008.That the median home price in America is 3.6times the median income of Americans，while the median home prices in Britain，Australia and New Zealand take a much higher share of these countries’median income，was shown on page 11of 4th Annual Deziiogrii/？Ziiz International Housing Affordability Survey.-2008.
Data on housing’s share of American consumer spending in 1901and in 2002to 2003are from pages 6and 63of 100Years ofU.5.Coimimer S]？ending.-Datafor the Patton，dler York City，and Boston Report 991of the U.S.Department of Labor.The statement that until 1970，median home prices in the United States were about twice as much as the median family income is from page 117of 7’6e Best-Laid Plans by Randal O’Toole，while the affordability of housing in San Francisco in 1969is discussed on page 118.The increase in the ratio between home prices and income in San Jose，California，from 1969to 2005is from page 8of the October 17，2007issue of Po/i（yz fiiii /yi’ts，No.602，in an article tided ”Do You Know the Way to L.A.？：San Jose Shows How to Turn an Urban Area into Los Angeles in Three Stressful Decades.”The fact that 23of the 26‘severely unaffordable”international urban areas follow “smart-growth”policies is from page 38of the study “The Planning Penalty：Fiow Smart Growth Makes Housing Unaffordable，”written by Randal O’Toole and published by the Independent Institute in 2006.The purpose of the Community Reinvestment Act of 1977is quoted from Section 802of Tide VIII of the Act of October 12，1977page 19oY Ar？：intents of Ruin by Peter Schweizer.
The 1989inquiry by the Department of Justice into the lending practices of banks and savings and loans in Adanta was described on page 26of the April 30，1989issue of the 7Veui Work 7’imei，in an article titled “U.S.Investigates Possible Bias by Adanta Lenders.”The law establishing annual goals for the purchase of mortgages by Fannie Mae and Freddie Mac was Section 1334of the Housing and Community Development Act of 1992.Attorney General Janet Reno’s warnings to banks whose lending patterns were believed to be racially biased based on statistical disparities are from page B7of the December 14，1993issue of the fFizs3iugfoii Z’imes，in an article titled “Bank to Pay960，000in Loan-Bias Setdement，"and page A2of the December 14，1993issue of the Wall St：reet Journal，under the headline ”Shawmut Settles Charges of Bias in Its Lending.”The fact that black-owned banks reject black mortgage loan applicants at a higher rate than white-owned banks do is from an article in the February 1997issue of the /onrziii/ofFinancial Seances Research，tided ”Do Black-Owned Banks Discriminate Against Black Borrowers？”
The high rate of default and foreclosure among minority homeowners during the housing bust is discussed on page 15of the study ”Subprime Mortgages，Foreclosures，and Urban Neighborhoods，”Working Paper 2009——1，published by the Federal Reserve Bank of Adanta in February 2009；page A12of the January 8，2008issue of the /Veui Work Z"imei，under the headline "Baltimore Is Suing Bank Over Foreclosure Crisis”；page B3of the May 4，2008issue of the Orlando Sentinel，in an article titled “Foreclosure Crisis Hits Hard in Black Communities”；pages A1and A10of the January 5，2009issue of the Wall StreetJournal，in a story tided ”Housing Push for Hispanics Spawns Wave of Foreclosures”；and page A1of the November 4，2007issue of the ltIanta Journal-Constitution under the headline ”Black Adantans Frequently Snared by Subprime Loans.”
The increased pressures imposed by the Department of Housing and Urban Development upon lenders during the 1990s are mentioned on page 6of”How Did We Get into This Financial Mess？”Cnnto Institute Briefing Paf？ers No.110，November 18，2008.Information about the manual on nondiscriminatory lending issued by the Federal Reserve Bank of Boston is from page 18oY Meltdown，Remains on Hold.”That a satisfactory record of meeting community credit needs was required of banks seeking to diversify their business is quoted from the Gramm-Leach-Bliley Act of November 12，1999（Public Law 106——102；113Stat.1350）.The tactics employed by ACORN against banks are described on page 21of Meltdo in，by Thomas E.Woods，Jr.The concessions made by banks to community activist groups were discussed in the WallStreet Journal，September 10，1987，section 2，page 35，under the headline “Public Service or Blackmail？Banks Pressed to Finance Local Projects.”The pledge by Sumitomo Bank of California to give 20percent to 25percent of its contracts to minority-owned businesses was reported on page A22of the January 6，1999issue of the Wall Street Journal，under the headline ”Gramm’s Glass-Steagall Beef.”President George W.Bush’s efforts to increase home ownership were discussed on page 31of the August 23，2004issue oY Barrows，under the headline “Nothing Down.”