Anatomy of a Market Crash: Suburban Housing Supply in California: 1989 - 1994 David Dale-Johnson* December 1997 Very preliminary. Comments welcome. This paper was prepared for the meetings of the American Real Estate and Urban Economics Association in Chicago, Illinois, January 3-5, 1998. *Associate Professor of Finance and Business Economics and Director of the Program in Real Estate, Marshall School of Business, University of Southern California, Los Angeles, California 90089-1421. E-mail: ddale-johnson@sba.usc.edu.