You do have to build, but low interest rates drive capital to seek investments with lower average returns. Private equity used to stay out of housing, but now t

You do have to build, but low interest rates drive capital to seek investments with lower average returns. Private equity used to stay out of housing, but now there are funds to buy up trailer parks. I hypothesize this is driving some of the insatiable demand. Higher real interest rates, or more productivity growth so there's better places to park the ocean of money, or taxation would do wonders.