The reason most Western countries won't see affordable housing, at least, not for a few decades, is simple: housing has been commoditized, and the average Weste

The reason most Western countries won't see affordable housing, at least, not for a few decades, is simple: housing has been commoditized, and the average Western boomer is parking a huge chunk of their net worth in their home. House prices need to stay high to prop up their wealth, and given the electoral participation rate of the Western boomer, any politician whose policies reduces housing values will likely be rewarded (read: punished) by being voted out of office. No amount of banging on and on about immigrants will change that. So, like Cronus eating his kids, many countries around the world have chosen to sacrifice affordability for their kids in order to squeeze out a few more decades of good living. It's just like the problem the US & its peers have with unfunded liabilities: a huge chunk of retirement savings in tied up the stock market, specifically, the SP500 that has a PE ratio of 30. Are you willing to bet that these companies will stay profitable at their current rate for 30y, without slipping? It's a question without easy answers, because as the workforce reduces (low birth rates), there are fewer workers paying into Social Security and bidding stock markets to new heights. As a result, everyone withdrawing ends up with less cash and fewer goods.