[PhineasRex]

The problem is right there in the title: Global Housing Market. The commodification of housing has been disastrous. The cost to develop new housing and the length of time it takes has means market manipulation is always going to be an easier path to profitability. Why would anyone build something new when they can just sit on what they have and let it appreciate while renters subsidize the mortgage and taxes.

Imagine if you could just put iron ore in a warehouse and make a 25% return every year, we'd have no steel!