I think both arguments sound right to me in some degree. It is a wealth transfer, and asset prices can’t go up infinitely, unless wages rise equally for the po

I think both arguments sound right to me in some degree. It is a wealth transfer, and asset prices can’t go up infinitely, unless wages rise equally for the population of house buyers. It seems wages have been stagnating in the US for a while now. When there’s a shock or wide drop, the latest buyers will be left holding the bag. But nobody knows for sure, maybe it really is different this time.