When I was studying economics, my macro professor used to belabor the point that post-WW2 US socioeconomics was a highly unique (and special) time-and-place; and, it is a mistake to generalize economic theory from that time-and-place.

So... here goes: rather than proclaiming a "housing crisis", maybe we're seeing the end of an exceptional period of "housing affordability". (A similar analysis of Europe and Asia applies, piecemeal.)

As such, if we want to re-enter into a new period of housing affordability, we need to ask ourselves what we plan to give up and/or trade for that?

For WW2, it was millions of lives and worldwide devastation. It seems like we'd need a complete re-evaluation of the way wealth, family structures, and social safety nets work in order to vastly expand housing. (In the US.)