Somewhat reminiscent of the GME short squeeze phenomenon. New entrants buy expensive homes, they go up in value because of nimbyism, more people buy homes at th

Somewhat reminiscent of the GME short squeeze phenomenon. New entrants buy expensive homes, they go up in value because of nimbyism, more people buy homes at the higher prices because they saw the others return, and have to become nimbyist themselves in order to further constrain supply to see return. It just accelerates at each iteration as the next wave has to constrain supply more and more to break even.