The real evil is that it's impossible to be zero-beta to housing, because even if you own your house (neutral position; renting non-owners are short) you are st

The real evil is that it's impossible to be zero-beta to housing, because even if you own your house (neutral position; renting non-owners are short) you are still exposed if you need to move. Unfortunately, I can't see a real fix for this except for more remote/mobile work. One thing Europe has that is good is a lot of public housing, even for middle-class people (like typical renting programmers)-- not just US-style "projects". This is great because it keeps the price down on the private market as well. You still need to build enough to avoid scarcity, of course. Otherwise, you end up with hellish queues.