Incentives Series
Tackling misaligned incentives in housing policy
Economists love to say people respond to incentives — and they’re right. We switch to bananas when apples get pricey, and we save more when retirement accounts are tax-advantaged. These are harmless examples. But incentives are misaligned when they push us to act against our values or stated goals. Housing policy is full of these misalignments, and they’re the focus of the UCLA Housing Voice podcast’s Incentives Series.
Local officials may prefer offices or retail because they generate more tax revenue and need fewer services, so homebuilding loses out. Homeowners often fight apartments to protect home values — understandable when home equity is their biggest asset, but at odds with affordability. Planning processes grant many people veto power over housing yet empower no one with the singular authority to approve the homes we need, leading to obstruction, delay, and chronic shortages. Building codes can add costly requirements with little proven safety benefit, while low property taxes can encourage absentee ownership. Even fixed-rate mortgages — which make ownership more affordable and predictable — can also lock homeowners in place and freeze the market for buyers when interest rates rise.
Too often, the gap between what we say we want and what our policies deliver reveals a deep misalignment. This series investigates where these incentives come from, who benefits, and how to realign policy with our priorities: safe, healthy communities; affordable, livable homes; stable households; and broad, equitable opportunity. We’re excited to bring you these lessons and solutions from across the country and throughout the world.
Listen Now
The Incentives Series began in September 2025 and was produced with the generous financial support of the UCLA Center for Incentive Design. Each episode, including a transcript and links to additional resources, is listed below.
You can also find the series and the entire UCLA Housing Voice podcast on Apple Podcasts, Spotify, and anywhere else podcasts are available.
For questions, feedback, or comments, you can contact Shane Phillips at shanephillips@ucla.edu.
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RSSEpisodes
Episode 107: A Better Mortgage with Kevin Erdmann (Incentives Series pt. 9)
Fixed-rate mortgages are expensive, but adjustable-rate mortgages are volatile — but do they have to be? Kevin Erdmann pitches an alternative that captures the best qualities of both.
Episode 106: Mortgage Lending Standards with Kevin Erdmann (Incentives Series pt. 8)
Was the housing market really oversupplied in the mid-2000s? Kevin Erdmann says no, and he explains how this misunderstanding is at the root of present-day affordability problems. This is part 8 of our series on misaligned incentives in housing policy.
Episode 104: Why We Don’t Build Condos with Muhammad Alameldin (Incentives Series pt. 7)
Why do many U.S. states build so few condos? Muhammad Alameldin explains the role of construction defect liability laws — and how to fix them. This is part 7 of our series on misaligned incentives in housing policy.
Episode 103: Fire Safety in Multifamily Housing with Alex Horowitz (Incentives Series pt. 6)
In which types of homes are people safest from fires? Alex Horowitz shares research showing that multifamily is safer than single-family housing, newer homes are much safer than older homes, and that a single stairwell’s just as good as two. This is part 6 of our series on misaligned incentives in housing policy.
Episode 102: Minimum Standards vs. Affordability with Benjamin Schneider (Incentives Series pt. 5)
We’ve been grappling with trade-offs between stricter building codes and declining affordability for over 100 years. Benjamin Schneider helps us trace the history. This is part 5 of our series on misaligned incentives in housing policy.
Episode 101: Beyond Zoning with John Zeanah and Andre D. Jones (Incentives Series pt. 4)
Your city just legalized “missing middle” housing in its zoning code… now what? With Memphis, Tennessee, as a case study, John Zeanah and Andre D. Jones discuss the hidden non-zoning barriers to developing small apartment buildings — and how to lower them. This is part 4 of our series on misaligned incentives in housing policy.