No, it really was locals buying a house. Of course there are now more locals than before, and I think our lifestyle has us less willing to share houses, and con

No, it really was locals buying a house. Of course there are now more locals than before, and I think our lifestyle has us less willing to share houses, and construction and relaxed zoning lagged, but it's still locals pushing up prices. If we weren't so obsessed with having our own little castle, we would buy apartments or rent instead. Everyone does still live somewhere, it's just often not as luxury as they desire so they want to pay more for more luxury. No cheap houses to push prices down? That doesn't make sense. Prices are falling now, so houses are getting cheaper.