[harambae]

> long-term economic concentration that has held for centuries

This reminds me of the article someone posted on HN that, from ancient Roman times till today, a nice house has always cost roughly 10,000 grams of gold. It wasn't quite true and is an over-generalization, but it was an interesting point.

I see this recent housing boom mostly through the lens of monetary expansion, since the US population has not actually skyrocketed over the last 2 years.

[muyuu]

while you are right this hasn't strictly happened over a 2-year period, the US population has concentrated significantly during this generation, creating a supply crunch on economically desirable locations

supply crunches create volatile markets in the short term