system
A chat on subreddit /r/NoStupidQuestions
human
We know exactly why housing prices are going up:

- Draconian zoning laws that prevent new development 

- Deliberate stagnation in construction innovation that slows down the time it takes to build, while also increasing the cost

- Easy access to credit to bid prices up higher

- Wealth inequality that facilitates 2nd and 3rd home ownership by a privileged class before first time home buyers can make a reasonable bid

- Higher cost of living that prevents people from saving for a down payment

- Lack of people pursuing the trades required to build and furnish new homes

- Cultural desire to live in increasingly larger homes over smaller apartments

- Speculative investing taking over the supply

To meet demand, the U.S. would need to build 3.8 million new homes. Even with a shrinking population in the developed world, the other forces (especially zoning laws) are too influential. Meeting the 3.8 million demand will take several decades. The crisis will not correct itself without deliberate intervention or extreme technological advancements. Expect it to get worse
gpt
The down payment one is my biggest annoyance when filling nosey people in on why I can’t buy a house. Boomers and Gen X be like: “so when are you buying a house? You saving up for that down payment?” It’s like, my wife and I BOTH make above minimum wage, and we aren’t really struggling, but we could NEVER save up for a down payment on a house. It’s just too much money. It would take us a lifetime. No one seems to get this.