The author has definitely described the problem, but I find it difficult to follow his explanation of the cause.
I suspect the pandemic, not mentioned by the author, triggered the price (and eviction) boom in smaller cities where big city teleworkers with big city house price money flooded small housing markets. Housing is a classic inelastic market. Small cities are particularly inelastic.
The mystery to me is that big city house prices and rents keep on going up in spite of the exodus.
I suspect the pandemic, not mentioned by the author, triggered the price (and eviction) boom in smaller cities where big city teleworkers with big city house price money flooded small housing markets. Housing is a classic inelastic market. Small cities are particularly inelastic.
The mystery to me is that big city house prices and rents keep on going up in spite of the exodus.
Canada has much the same problem.