Why Is There A Housing Shortage?

[Robert Rixer]

We've all accepted that there's a shortage of housing all across the US. But why?

We have declining birthrates. Sure there's been mass migration the past few years, but nowhere near the levels to move the needle nationwide in a meaningful way. The shortage/high prices seem to be everywhere - urban/rural. It's not just sales but rentals too.

On the supply side, it's not like old houses are crumbling to the ground, conversely there's been a ton of redevelopment and new development activity since the pandemic started. 

So why does there seem to be such a huge imbalance between supply and demand? How did we go from having sufficient housing 5-10 years ago to suddenly having a serious shortage?