alt Hacker Newskind of.. and kind of not
regulation /tends/ to be introduced because builders are misbehaving (bad materials, bad workmanship, building in flood zones, etc), but the bigger problem is NIMBY who then use those laws to prevent other people building in "their" neighbourhood
it's the market dynamics that create under building, not regulations. if regulations are the problem, then how were builders able to build record number housing starts leading up the GFC? and after the crash, housing starts dramatically lowered. were there new regulations introduced during that time period?