IT WOULD BE UNDERSTANDABLE if housing economists experienced a feeling of de'ja vu as events of 1969 unfolded. One couldn't help wondering if we had been through this before. Was 1969 just a rerun of 1966? Was 1966 only a dress rehearsal for 1969? This paper considers the similarities and differences between 1966 and 1969. The first section is a brief discussion of the 1966 experience and what it taught us. The second considers a simple model explaining short-run variation in housing activity, and compares its performances in 1966 and 1969. The third section reviews the 1969 experience in more detail. The last looks at 1970 and beyond in the light of recent experience.