>While under-building over the last decade+ did contribute to the quick jump in housing prices, it is just one of the contributing factors.

Last decade? Try 75+ years. Even before the covid boom housing had been outpacing incomes for decades. Of course everything is multifactorial but you can't dismiss zoning's role in that. It stands to reason that mandating a house be built on 2 acres is going to make it more expensive than a house on 1/10 acre.

And you can't tell me that a majority of towns in Greater Portland not allowing housing to be built doesn't have an effect on prices. It's common sense that it does. If there were 1,000 new apartments online tomorrow current landlords couldn't charge what they are charging (unless you buy into the idea that there is virtually unlimited demand for housing in Portland, which some here seem to think).