>> It's not inflation alone that is the problem with housing. It's housing being seen as an investment. People discourage new builds or high-density due to tryi

>> It's not inflation alone that is the problem with housing. It's housing being seen as an investment. People discourage new builds or high-density due to trying to preserve their existing asset value. You're right that the issue is multi-factor, but i'd argue that the factor at play in the past two decades specifically was ZIRP+QE. That is the new factor at play. Houses being seen as an investment has been an issue for a long time, I remember even in the 80s this was a big topic of discussion. Same for NIMBYism -- that has been an issue ever since forever (step into any home owner's shoes -- once you've put all your life savings into a house, most people dont want to dilute value.) I'll agree that the more leveraged you are to finally purchase a home, the more vehement the NIMBYism is...because now more housing is ruinous to existing owners' giant investment. The whole system is @#%!@#% I think ZIRP/QE made things worse because houses started going up in value faster than incomes. This encouraged yet more leverage and lesser house. And now we're all left with a shell of the dreams our grandparents enjoyed with normal jobs. https://www.cnbc.com/2021/11/10/home-prices-are-now-rising-much-faster-than-incomes-studies-show.html#:~:text=In%20the%20last%20decade%2C%20the,difference%20is%20even%20more%20striking https://www.cnbc.com/2021/11/10/home-prices-are-now-rising-m....