It works in the short run because a lot of people who own homes here bought them back when they were much cheaper, and are now sitting on piles of equity. The m

It works in the short run because a lot of people who own homes here bought them back when they were much cheaper, and are now sitting on piles of equity. The market price is driven by the high end of income, who are the people who actually bid for the limited supply of housing on the market.