It seems like there are lots of other important facts about why housing is more expensive:
There’s roughly twice as many people in the U.S. today than there were in 1950.
The ‘cost floor’, due to e.g. building codes, permitting, etc., is much higher.
Standards and preferences regarding sharing rooms and entire ‘units’ are much higher.
I suspect some significant component is in essence the Baumol effect, i.e. because lots of things are cheaper, e.g. food and clothing, people are willing and able to spend more bidding up the price of housing in particularly desirable locations.
It seems like there are lots of other important facts about why housing is more expensive:
There’s roughly twice as many people in the U.S. today than there were in 1950.
The ‘cost floor’, due to e.g. building codes, permitting, etc., is much higher.
Standards and preferences regarding sharing rooms and entire ‘units’ are much higher.
I suspect some significant component is in essence the Baumol effect, i.e. because lots of things are cheaper, e.g. food and clothing, people are willing and able to spend more bidding up the price of housing in particularly desirable locations.