Investing in real estate this way only makes sense when supply is sufficiently constrained. An explosion of housing makes it a bad investment. But we've made i

Investing in real estate this way only makes sense when supply is sufficiently constrained. An explosion of housing makes it a bad investment. But we've made it incredibly difficult in many, perhaps most areas to build substantial new housing, so we don't get housing explosions even in areas with incredible demand. You end up with just a trickle.