[Swizec]

> If there are no rich people to tax, then who owns the unaffordable real estate?

People like my mom who bought their place 20 years ago. Or like my grandparents who bought their house 50 years ago.

But there's not enough new investment to increase supply. In large part because there aren't enough people with liquid wealth to provide said supply.

And none of the people who bought decades ago are selling because they need somewhere to live and can't afford to buy at current prices. Any gains they've made would be immediately eaten away by the new purchase.

You couldn't do something like a wealth tax on these people because they have very little cashflow to pay those taxes with. And it's not like they aren't using their homes, so an under-use tax wouldn't work either. You could try a land value tax, but again there's no cashflow to collect that from and nowhere for these people to go if they're forced to sell.