Real estate

Billionaires are buying up America's ranches

A Montana Ranch near Yellowstone National Park
Photo: Ed Freeman/Getty Images

American billionaires are buying large ranches across Wyoming, Montana and Texas, creating a new class of luxury assets, writes Bloomberg.

Why it matters: The wealthy are often buying the land from "asset-rich, cash poor" small farmers whose families have owned the land for decades. The purchases put money in the farmers' pockets as many struggle with tough times, but are shifting the structure of land ownership in the American West.

Study: California's land-use rules worsen housing crunch

Houses and apartments in San Francisco
A view of homes and apartments in San Francisco. Photo: Justin Sullivan/Getty Images

Some California cities with stricter land-use regulations had lower growth in housing supply, according to a new paper out today from the Mercatus Center at George Mason University.

The big picture: Cities across the country are wrestling with housing affordability. Minneapolis became the first to scrap single-family zoning, followed by Oregon with the first statewide ban. Meanwhile, Des Moines is moving in the opposite direction with zoning changes aimed at lower density.