Well wage inflation is not an entitlement. If you look at previous periods of wage inflation, they were due to strong economic growth. Our growth has been tepid and the most growth we have seen is in the public sector. Mortgage rates are not indexed to wage inflation, they are essentially indexed to treasury yields. Monetizing debt has been the strategy. As long as that keeps happening the lid stays on. Also for many many housing markets a hefty rise in rates will hurt but be tolerable. For those markets with severe price premiums well above median incomes there will be depreciation.