My new column suggests that instead of asking if we’re in another housing bubble like the one from 15 years ago, we should be asking if we’re sure that what we know about that bubble is actually true:

What caused the Great Recession is a complicated question. There is still some debate, after all, about the causes of the Great Depression of the 1930s. It would be unwise to conclude that speculation in housing played no role at all. But it is possible that insufficient supply was, and still is, a bigger problem than excessive demand.