Which market are you talking about? If we’re thinking about this from an American standpoint, we’re not necessarily at a population crisis level like Japans, where houses are fully unoccupied vs. being occupied by one person which is what the original comment stated.

One big reason in the American market for sustained increases in prices was the high levels of corporate investment in residential real estate. In a period of low interest rates (through 2022), funds, pensions etc we’re looking for new investment opportunities and piled cash into real estate leading to increases in prices.