>it completely ignores the unfavorable demographics of the aging boomers and lack of replacement demand. So there will be enough housing... when my parents die

>it completely ignores the unfavorable demographics of the aging boomers and lack of replacement demand. So there will be enough housing... when my parents die? And you say this like it's a good thing? >High prices are not by themselves evidence of a shortage. Only if you're treating housing as an investment asset, rather than what it materially is: a durable good.