[notch656a]

Housing vacancy rates will go up. Landlords and those selling houses just need to keep pushing the price higher until the market will no longer bear it; there is some price at which people will no longer occupy such a high fraction of houses.

I think widespread disbelief of inflation, and hesitancy to embrace the 'new normal' has lead to sticky prices. These sticky prices means some goods and labor is 'cheaper' than it would otherwise be, leading to 'shortages.' In part I explain such low unemployment rate at present due to labor being a couple percentage points cheaper than it was a year or two ago.