Right, so it's entirely a self-inflicted issue of simply not being willing to build more housing. That's basically my whole point. Housing crises in the developed world are almost all because people just refuse to allow enough housing to be built, because the existing homeowners don't want to see their equity drop, or even just "stop going up as much," or worse yet, they'll claim it's to preserve historically relevant plots of dirt and bricks, and starve everyone else out.

Japan is a notable exception to this occurrence. They build more housing per capita than most developed countries, and the idea of housing being an investment rather than a commodity is not nearly as common there. As a result their real estate markets have been way flatter than most other developed countries. Also related is their national zoning laws which are amazing and every country should replicate them 1-to-1. https://www.youtube.com/watch?v=wfm2xCKOCNk