Nitpick, but I think housing can grow faster than wages by a couple mechanisms. First, if supply is heavily constrained and people are trying to move to the are

Nitpick, but I think housing can grow faster than wages by a couple mechanisms. First, if supply is heavily constrained and people are trying to move to the area, what they might do is start sharing homes. Average wage doesn't change, but the number of wage earners in a home increases. Second, speculative investors can raise prices indefinitely since they aren't even earning a wage in that area - but I do think it's often overstated how much of an influence this has had in actual cities that have had housing cost explosions like Vancouver