[kelnos]

On the flip side, though, we've already seen what limited new housing does: much, much higher prices, and people getting priced out of their homes. More housing might not solve everything, but less housing is what's causing these problems.

People won't stop wanting to move here just because housing growth is slow. While the prices are very high right now, there are still enough people who want to move in who can at least vaguely tolerate those prices. That doesn't mean the system is working, though. That just reminds me of the old stock market adage, "the market can remain irrational longer than you can remain solvent".