Demographic shifts and superstar cities have driven housing demand far beyond supply. In Dublin, demand jumped 40% since 2011 while homes grew at half that rate, rents more than doubled, and the share of 25- to 34-year-olds living with parents doubled to 42%.

Rent controls — championed by figures like Zohran Mamdani — treat symptoms, not causes. Ronan Lyons warns they "manage the impact of scarcity but don't resolve it." Restrictions on corporate landlords and surcharges on foreign investment in London have similarly backfired, drying up capital for new developments.

The fundamental fix is building more homes in the right places. Auckland's 2016 rezoning sparked a construction boom and froze real rents. Austin's permissive rules triggered a supply surge that cut nominal rents, with the biggest gains for low-income housing and young adult homeownership rising from 70 to 80%.

Yet over-regulation strangles supply. In London and Dublin, unpredictable planning, green belts, and costly mandates make building unviable — many permitted sites sit idle because construction costs exceed achievable prices. Loose enough rules are essential to let supply respond to demand.