patrick.net

....
The latest challenge comes from a 26-year-old graduate student at M.I.T., Matthew Rognlie,who published a paper last month with the Brookings Institution that argues that Piketty did not take the effects of depreciation into account enough in his analysis of the growing importance of capital. Rognlie also showed that when you do properly take depreciation into account, the decline in the share of income going to workers versus capital owners can be explained completely by the rise in the value of real estate.
....
Rognlie’s analysis might be better regarded as an addition to a broad body of work suggesting that housing policy in America is holding back growth and exacerbating inequality.

As Rognlie admits in his paper, economists like Edward Glaeser have been arguing that real estate, namely the restrictions local governments put on building more housing in and around economically vibrant areas, has long been slowing economic growth and hurting economic mobility. Building restrictions in vibrant cities and their nearby, exclusive suburbs prevent upwardly mobile people from relocating to places that offer the most economic opportunity.
..

Read more at http://fortune.com/2015/04/06/inequality-piketty/

Or "NIMBYs in the twenty-first century"

#housing