The Federal Reserve is watching asset prices closely, but sees no sign of a housing bubble, said Minneapolis Fed President Neel Kashkari, on Thursday. "We don't think there is a new housing bubble the way there was in 2006," Kashkari said in a talk at the Minnesota Housing Finance Agency in St. Paul, Minn. Kashkari said the lack of affordable housing was widespread across his region, which includes Minnesota, Montana, North and South Dakota, and parts of Wisconsin and Michigan. This indicates "something is broken" in the market, he said. Part of the answer was that communities were imposing regulatory barriers, such as requirements of solar panels or minimum lot sizes, on supply and this was hurting the poor, Kashkari said. "These are lots of micro decisions that each of us is making in our local communities, that, when you add them together, become big barriers that directly affect low income families," he said. The Minneapolis Fed was "digging into this" and wanted to quantify this effect and what can be done about it, he added.