Either prices collapse or nominal incomes rise to make housing affordable. In the 80s the latter occurred... however wage inflation is not running hot enough f

Either prices collapse or nominal incomes rise to make housing affordable. In the 80s the latter occurred... however wage inflation is not running hot enough for this to repeat on a reasonable timeline, unless wages reaccelerate. Which is entirely possible if e.g. Fed backs off before labor market loosens and we have a second wave of inflation (just as happened in the 70s and 80s)