In this episode of the Unintended Consequences podcast, we start by investigating whether railroads are making excessive profits by cutting back labor expenses. That’s the subject of Peter’s new paper, which is particularly timely given the reaction to the train derailment in eastern Ohio. Then, Mark Calabria joins to discuss his cover article about his time as the head of the Federal Housing Finance Agency and the steps he took to prevent a mortgage meltdown during the pandemic. Finally, Peter and Paul tackle the limits of zoning reform as a solution for runaway housing inflation.