who cares
Because wages don't increase at the same rate housing costs do.
IOW, it hasn't just been housing prices rising much faster than incomes for half-decade-plus. It's prices of CRE, stocks, esoteric assets (think artwork, collectibles, etc.). Only thing that allows prices/incomes to re-align is unwind of easy $-fueled asset gains
I agree with, some of the construction/cost/zoning/NIMBY-specific issues cited in this piece. But also consider an imp. macro issue: Asset-price-focused Fed/monetary policy. Easy money has been a (key) contributor to steep increases in almost ALL asset prices, housing included
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