there is limited amount of desired land and limited stock of housing in desired neighborhoods.
but there is equally limited amount of income families/individuals have. It is ridiculous to expect high salaried professionals to dump all their earnings into housing. In case of technology it leads to exodus of jobs from USA. In case of health care it leads to escalating health care cost that no one can afford.
I really wish interest rates climb to 7.5% and stay there for 5 years. It will put the brakes on this stupid real estate specualtion for a while.
