Will Real Estate Ever Be Normal Again?

New York Times, Nov. 12, 2021–Francesca Mari
The last time U.S. housing saw such rampant price growth was in 2005, and the market corrected itself–infamously–in 2008. But the underlying reality today is different. Then, subprime adjustable-rate mortgages sputtered out as borrowers defaulted. The current boom is fed by high demand, low supply and a dysfunctional economy in which wages are stagnant while restrictive zoning and poor public policy have turned housing into an artificially scarce commodity.
https://www.nytimes.com/2021/11/12/magazine/real-estate-pandemic.html