Housing Shortage? There Ain't No Stinkin' Housing Shortage
The “housing shortage” narrative is a lie for profits.
But we do have a pricing problem, a product mismatch, and an affordability crisis.
We are well supplied in mid-level luxury. But we are under-supplied in starter homes because they are less profitable to build. (3-5% vs 10-15%)
To be clear, there is no shortage when:
Prices are dropping, Austin down 6% YoY
Rents are dropping, Cape Coral down 12% YoY
Supply is rising, Raleigh up 55% YoY
Builders are overbuilding
That is not a shortage. That is a market repricing.
The “10M shortage” narrative is a lie. Shortage of what?
Luxury homes? No.
Affordable monthly payments? Absolutely.