It is the combination that did it. Restrictive zoning limited available housing stock. Then financialization optimized the market for extractive high profits.

It is the combination that did it. Restrictive zoning limited available housing stock. Then financialization optimized the market for extractive high profits. Make it possible to build more then the market should eventually correct, but the financial squeeze will continue until the market has plenty of supply as often referred to by economists as market clearance such that demand is saturated at all levels.