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this post was submitted on 23 Aug 2023
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Especially because the people who own houses have much more political power than the people who want houses. Any government that wants to have and use political power will cater to the people who don't want a crash.
It seems like the only realistic hope (and an outside chance at that) is for prices to stagnate for decades. If that happened, your grandkids might be able to afford houses on normal wages (assuming their parents didn't emigrate in frustration).
Alternately, as boomers die and many of their homes go into REITs instead of younger generations as they reverse-mortgage to fund extremely expensive senescence more and more housing moves out of the voting public and populists get more and more power by catering to this disenfranchised group.
The question then is whether those populists do it with good policy or with scapegoats and hate.
Well good news for us, we're importing millions of new people who will mostly comprise of renters!