> long-term economic concentration that has held for centuries
This reminds me of the article someone posted on HN that, from ancient Roman times till today, a nice house has always cost roughly 10,000 grams of gold. It wasn't quite true and is an over-generalization, but it was an interesting point.
I see this recent housing boom mostly through the lens of monetary expansion, since the US population has not actually skyrocketed over the last 2 years.
while you are right this hasn't strictly happened over a 2-year period, the US population has concentrated significantly during this generation, creating a supply crunch on economically desirable locations
supply crunches create volatile markets in the short term
This reminds me of the article someone posted on HN that, from ancient Roman times till today, a nice house has always cost roughly 10,000 grams of gold. It wasn't quite true and is an over-generalization, but it was an interesting point.
I see this recent housing boom mostly through the lens of monetary expansion, since the US population has not actually skyrocketed over the last 2 years.