Read the piece on kevinerdmann.substack.com ↗
Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.
Our reading
The near doubling of the American housing price/income ratio is caused by a supply shortage.
Their wordsThe short version is that the near doubling (on average) of the price/income ratio of American housing is from a supply shortage. And, in fact, that's the only feasible cause of such a persistent price anomaly.
Their wordsFamilies tend to have relatively unitary demand elasticity for trading up. (They will scale housing expenses with their income.) But, they tend to have very inelastic demand for trading down.
Their wordsI think growth will rise back up above 2%, permanently in Arizona and Florida, but under current mortgage standards, it will have to involve growth in rental housing.
Keep reading
The other pieces are the ones whose claims are worded most like this one's. That measures language, not agreement: they may argue the opposite.