[HighFreqAsuka]

We've collectively failed at this problem as a society.

We've 1. made it extremely difficult, even illegal, to build more denser housing. 2. devalued the status of electricians, plumbers, and carpenters leading to a shortage of people we need to build more homes. 3. made it much too easy to get very large mortgage loans, incentivizing people to leverage themselves much more than they should to purchase homes. Thus bidding up the price of homes as otherwise financially smart people are forced to play the game as well. 4. built software to collectively price fix rents, favoring higher rents over maximum occupancy.

All of this has turned housing into an asset class, in which a significant fraction of the average American's net worth is invested, and has led to huge inflows of investor money. The incentives to not fix any of this are very strong.

[lotsoweiners]

How is this any fault of “society’s” beyond the requirement that you must live in or close to certain cities/areas to make “good money” in any non-law/non-medical profession? I’m going to lookout for my family without any malicious intent towards others. Other people might have different values and they are free to live, vote, etc where and how they want. As a resident of the Phoenix metro area I wouldn’t expect to be able to have any impact on how Santa Monica is building.

[underlipton]

The current state of affairs are the direct result of government policy and investment, starting with mid-century "urban renewal" (which demolished existing dense and close-in housing and infrastructure), continuing with government bias towards suburbanization through municipal bonds and auto infrastructure spending, and most recently with the high tax and subsidy benefits that go to homeowners, and particularly first-time purchasers. Zoning and "character" codes factor in as well. Private interests were certainly involved (particularly with the realty industry's contribution to white flight and the banking industry's mortgage financing schemes), but much of this very much "society's" fault. I go to the "The Devil Wear's Prada" theory of decision-making: if you picked it off the rack or see a lot of other people doing the same thing, question who made the decision for you.

[HDThoreaun]

Well in Phoenix's case the big failure is continuing to subsidize water for agricultural usage. That is a choice society has made and it is causing housing in the valley to get more expensive as new builds are starting to be banned over water rights.

[dghlsakjg]

Canada only did 1, but not really 2 or 3 as much as the states, and the mess is even worse.

What it always comes down to is a pretty basic supply and demand problem in my head. Build a surplus of housing, and even the (4) algorithms will push rent and prices lower.