It has to but it won't. The central point of the essay is that in order to keep going up in the next 50 years like real estate has in the last 50 years, the ave

It has to but it won't. The central point of the essay is that in order to keep going up in the next 50 years like real estate has in the last 50 years, the average house has to reach prices that are 128X an average income by 2072. When you consider supply and demand, the number of people in the market at that price point is too small to reflect a reasonable real estate market. Ergo, prices will either go down or grow far more slowly to reflect a more reasonable price point where more people can participate in the market.