Agreed that overpriced housing is bad for productivity, and also bad for local governance (see SF). But - easy access to credit also has the effect of increasin

Agreed that overpriced housing is bad for productivity, and also bad for local governance (see SF). But - easy access to credit also has the effect of increasing liquidity of the housing stock by allowing people to arbitrage across time. By that, I mean by borrowing money, the purchaser exchanges future capital for current housing. This is usually a productive trade which would otherwise be impossible to take advantage of without easy access to credit. I don’t think it’s clear that low priced mortgage rates are a net negative.