Housing reform’s missing capital is key to unlocking abundance

For the first time in over a generation, the politics of scarcity are showing cracks. Even in California, infamous for gridlock, voters and policymakers are signaling a desire to remove bottlenecks and make progress possible again.

Nowhere is this shift more visible than in housing.

Daniel Lurie defeated incumbent mayor London Breed, in part, on a pledge to overhaul San Francisco’s outdated permitting system and accelerate construction timelines. Voters also ousted several members...