[bluGill]

right out of adam smith, when people get more money they typically spend it on better housing.

[_yb2s]

I'm talking about in proportion to income... for example, if people spend 30% of household income on housing, you cannot have an order of magnitude increase in housing prices over any time scale as it will always have a hard cap at 100%.

[bluGill]

Inflation is a factor as well.