It’s obvious that prices are controlled by a multiplicity of factors, not all of which can be covered in a short video. However, I found the complete lack of high-COL, high-construction cities to be quite convincing. This suggests that housing supply is so important that it’s very rare for prices to rise so high when supply is high, even despite these other factors. It’s not necessary to discuss every factor to demonstrate that one factor is a very important one. Why do you think this analysis is uncritical?

As far as Pittsburgh and Philadelphia I don’t think there is any real mystery—they simply aren’t considered as desirable as New York, SF, or LA by most people. They’re not quite Detroit but you don’t have thousands of people moving across the country to these cities—or wishing they could afford to.

Honestly, we know from every other category of good that scarcity causes prices to rise. It shouldn’t be terribly surprising that, despite some additional complexities, the housing market works the same way.