I would argue that there indeed is quite a bit of speculation going on. Most of my friends are spending an unsustainable % of their income on rent, betting tha

I would argue that there indeed is quite a bit of speculation going on. Most of my friends are spending an unsustainable % of their income on rent, betting that their stock options will pay off. Of course for most, they won't, and once that sinks in the market will adjust.