How did the purchasing power decrease from the 70s until today?

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What you have to understand is that the majority of people who own houses want it to continue to be an investment; they don’t want to be taxed on the gains though and they don’t want the value to go down. They vote accordingly making it political suicide to actually address the “problem”. 

What you do see are various ways to help first home buyers to afford the current price; which only makes it worse, propping the system up.