I get what you’re saying, but the housing market is actually a really subtle issue in my opinion. Just one example, owning a home protects you against price sh

I get what you’re saying, but the housing market is actually a really subtle issue in my opinion. Just one example, owning a home protects you against price shocks. As others have pointed out, this can sometimes be a bad thing, because when prices decrease you are also leveraged. But it’s pretty important to a lot of middle class people that they are protected against forced relocation due to 5x housing price increases. Of course, there’s other reasons to not own a home. My point is that localized housing markets have all sorts of factors that are perfectly explainable by economic theory but aren’t just “Econ 101, run the supply and demand” curve.