Last week's rate cut by the Federal Reserve, with the likelihood of more to come, has many homeowners, renters, and those who would join their ranks hoping that lower mortgage rates will result, easing the housing crunch. While the rate cut likely will reduce borrowing costs, that will help only the demand side of the equation. Ensuring that enough homes exist to satisfy that demand requires reducing regulatory barriers that make home construction an unnecessarily expensive and drawn-out process.
