is so high, even before interest rate hikes. we went 10 years of underproducing housing at the rate the market demands and we're just now seeing construction materials come back down to earth after record highs. Unfortunately, those prices are offset by 2-3x borrowing costs.

multi-family construction has gone bonkers, but single family has not.

check this graph out. ever since the 2008 real estate crash, we nearly got back to average housing construction levels in 2020 only to have them crash again. we went 10 years under building houses and now they've gotten too expensive to build and buy.