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This is a composite line graph that overlays two different data sets. The left y-axis measures new dwelling approvals per 1,000 people, shown as a rolling 12-month total, and the right y-axis measures the change in real house prices since January 2000, expressed as a percentage. The x-axis shows the time scale from the year 2000 to approximately 2021 or 2022.

Regarding new dwelling approvals (left side), the red lines reflect Texan cities with Austin and Houston explicitly labeled, and 'Other Texan cities' shown as a lighter dashed line. The lines suggest that starting around 2000, approvals were below 10 per 1,000 people, but they then fluctuated throughout the period, with a particularly significant peak for Austin around 2018.

For the change in real house prices (right side), the blue lines reflect Californian cities with San Francisco and 'Other Californian cities' indicated. These lines show a steep increase in real house prices since 2000, reaching over 150% for San Francisco. There's a noticeable fluctuation around the 2007-2009 period, likely coinciding with the housing crisis, but prices overall follow an upward trend.

The graph positions the data in such a way to suggest a comparison between the house building and pricing strategies of Texan and Californian cities.

The title, "Liberal planning regulations have allowed Texan cities to build far more homes than California, making their housing much more affordable," provides an editorial summary: that more permissive planning regulations in Texas have led to more construction and generally more affordable housing when compared to California.

The source of the information is credited to an FT (Financial Times) analysis of the Building Permits Survey, US Census Bureau, and Zillow, and the graphic was created by John Burn-Murdoch.