But how does that explain a fundamental undersupply of houses? That is, I've read from lots of different sources that the primary issue is more people needing h

But how does that explain a fundamental undersupply of houses? That is, I've read from lots of different sources that the primary issue is more people needing houses than there is supply. I get how all the stuff you've mentioned pushes up the price of houses, but shouldn't that also spur a ton more home building? I guess a better way to frame my question is "Why has new home building been far below the actual need?"