Nice work but so tough to simplify something impacted by so many factors. Rising rates would only lock more people with sub 3% in place and further limit supply. On the demand side I would agree that inflation and rates were huge but don’t discount stocks, wealth transfers, stock based comp plans, work from home, higher awareness of SD worldwide, transforming from a tourist/military economy to tech/telcom/life science economy locally and of course crypto baby! They are all supercharging each other and I left out plenty Of others. In the current boom down payments have been huge on the whole which limits impact of wages and rates. There is no simple answer
