> Housing cannot simultaneously be affordable if it is also supposed to increase in value endlessly. Someone has to lose. It can if density increases too. Exi

> Housing cannot simultaneously be affordable if it is also supposed to increase in value endlessly. Someone has to lose. It can if density increases too. Existing home increases in price, but new homes being built are single-family homes torn down and replaced with 4-plexes, which are then replaced with apartment buildings in turn. Thus SFH price increases over inflation, “housing” price doesn’t have to, because new options are less pricy. > Renters want housing to remain affordable and to increase no faster than inflation. > Owners expect (and bank on) the value of their house increasing faster than inflation. Also: in many hot markets it costs more to buy than to rent, sometimes by 2x or more. Rental and owned stock are not always the same markets, not always the same housing even though it seems like they “have to be”.