[wpietri]

Sure, but the question is: why hasn't housing supply kept up? I'd say it's because there are strong political incentives to avoid doing anything that might cause prices to go down. So we end up with very restrictive zoning and a ton of inertia. This is very obvious in all the Silicon Valley suburbs, where everybody loves job growth but housing growth barely happens.

As to the latter point, I'd be interested to see your data. The Case-Shiller metro indexes are all up over the last 5 years. [1] The metro area with the least inflation is New York, which doesn't match.

[1] https://us.spindices.com/additional-reports/all-returns/inde...