>I still have not seen a convincing response to the demographic argument I put forth. The generation entering the housing market now is the large Millennial gen

>I still have not seen a convincing response to the demographic argument I put forth. The generation entering the housing market now is the large Millennial generation; Well, implicit in this argument is that a non-trivial percentage of the Millennial generation is actually able to enter this market. Is that actually true? I'm not really convinced that is it, as there's been a lot of chatter about this generation putting off important life milestones like family formation, which would precipitate home buying. To be fair, and to potentially anticipate the counter argument, when the boomers were at this same stage in their life interest rates were much higher. But ... family formation was a much stronger cultural imperative at that time. It very much is not so today. >For everyone who wants a house to get one, we need to be building the delta in size between these, and we're short by several million. I agree with this, but for philosophical reasons and not structural ones. If I'm some jerkoff investor, trying to maximize profits, yeah I'd only build high rise lux condos and squeeeeeze that yield because, let's be honest, building family homes doesn't really do that.