Yes, the times when gov. throws in various regulatory...

Yes, the times when gov. throws in various regulatory restrictions as well as when they give in to pressure to ease them, and things like 'first home' incentives are all a regular part of the cycle. Another part of the cycle is gauged by when the worlds tallest buildings are started and open. It is claimed that in the end all the economic value generated essentially ends up in land values. I'm not able to give the excellent explanation or overview the topic deserves but Phillip J Anderson's book, the secret life of banking and real estate lays it all out and demonstrates through the historical record how the cycle repeats and repeats. It looks like very good quality research to me, the best overview of our economic cycle.