Building was paused for about a year (Covid and lumber prices), so there are a ton of new builds that didn't happen or got delayed. New Construction was already

Building was paused for about a year (Covid and lumber prices), so there are a ton of new builds that didn't happen or got delayed. New Construction was already barely keeping up or falling behind pre-pandemic. Covid also caused a massive swing in what was desirable housing, small city apartments are a lot less attractive when lockdowns were possible so demand moved to places that weren't prepared for it.