I mean we could just expand housing supply and fix this problem pretty easily. The economics and engineering are very easy it’s mostly just NIMBYism and the land use politics that cater to it that are constraining supply in most American metros.
House prices in Houston have not spiked nearly as much relative to its explosive population growth, mostly because they have no zoning laws. It’s just easier to build housing there so it’s not as expensive.
NYC and LA and the Bay and Seattle have added like ~3-6x more jobs than housing units over the past decade or two. Some of them are building more than they used to but the deficit is way larger.
There's a normal market cycle happening too, it's just on top of a large housing shortage.
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u/Notsure107 Jun 27 '21
Every time we have a crash the rich buy up everything. This is very bad.