pretty much all the arguing about careers and making a living is really due to cost of living which is due to this graph, and almost nothing else.
The red area is housing that doesn't exist. It's what 2008 caused us not to build. Solve this and you solve everything.
The red area is housing that doesn't exist. It's what 2008 caused us not to build. Solve this and you solve everything.
From 1960 to 2005 we built 2x the number of houses per person that we build today. It's still cratered.
That's why the 2008 crisis failed to crash housing prices for more than a couple years. The "bubble" was over, but we stopped building houses, so they got scarce instead.
That's why the 2008 crisis failed to crash housing prices for more than a couple years. The "bubble" was over, but we stopped building houses, so they got scarce instead.
Almost nothing else really matters. 200k panda express jobs won't help. Everyone yeeting off to Des Moines won't help. Deporting people won't really help, the number of missing houses is simply too large. Prices will stay high or get higher in any area remotely desirable.
I think there are a lot of complex reasons for not building but that this one is probably the smallest and least important.
https://x.com/shady_vc/status/1880070425067299191
Mostly people rationally perceive that life gets worse when lots of building happens around them, and for way too many reasons, they are right. Some of these are easily fixable and others people fight against fixing (like crime and disorder). Some are more complex.
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