"It's all Hoover's fault." Again.

in hoover •  last year 

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https://www.nytimes.com/2023/04/14/opinion/housing-nimby-zoning.html

Herbert Hoover launched a big trade war with the Smoot-Hawley Tariff in 1930, shrinking world markets, bankrupting LDCs who could no longer repay U.S. bank loans by exporting their wares, and deflating prices of traded goods dumped at loss in the global "going out of business" sale.

Then in June 1932, Hoover restored brutal WWI excise taxes and added new ones, while nearly tripling most income tax rates. We weren't yet at the rock bottom of the Depression, but punitive taxes pushed the economy down even faster.

Now Peter Coy teaches us that Hoover was the brains behind "zoning laws" which made homebuilding impossible where it is most needed, causing home prices and rents to soar most of the time in most popular places.

hoover zoning law trade economy tax
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