If you want to reduce the issue to simple supply vs demand you need to address the 14 million housing units that are currently sitting vacant
You also need to address the fact that as the economy declines housing density increases (more people living in each housing unit) so the demand for new housing decreases as economic conditions decline
It’s also worth noting that the last time mortgage interest rates were high (mid-teens + in the 1980’s) inflation was feeding into wages so increasing incomes could support larger mortgage payments and the PSYCHOLOGY of rising wages made the rising interest rates less onerous – contrast that environment with today’s where incomes are not only NOT rising but people are in fear of losing their jobs and not finding another one
