It's the same in a lot of US cities, but to play devils' advocate: this generation was basically told that their home was their savings and in many cases their

It's the same in a lot of US cities, but to play devils' advocate: this generation was basically told that their home was their savings and in many cases their entire capability to retire or take care of their health and other needs in old age is tied to the value of their home equity. We dug a very, very deep hole by treating housing as an investment instrument and it's going to be hard to dig out.