Totally off topic and self-indulgent. But to my surprise I find myself disagreeing with Simon Wren-Lewis, who argues that high housing prices are all about low interest rates and that supply constraints aren't important 1/ mainlymacro.blogspot.com/2020/01/eviden…
I guess this could be true for Britain. But it's absolutely not true for the US, where there has been huge divergence between metro areas that all face the same interest rates. Real house prices in SF and Atlanta 2/ 
The difference is that housing supply in the Bay Area is constrained, partly by geography but mainly by NIMBYism, while Atlanta has highly elastic supply. Hard to see why similar issues wouldn't apply in the UK 3/
