Start with the fundamentals - construction has gotten more expensive. Unlike virtually every other industry in the US, it actually costs more to build residential housing per square foot (inflation adjusted) than it did in 1960. Construction workers in 2025 are *less efficient* than they were 50 years ago, despite all of our technological advancements.

This translates to housing construction that has not kept pace with the growth of the population. The average first time homebuyer is now over 40 years old, and the median homebuyer is 55 years old.

Everyone needs housing. If you bought your house 20 years ago, you likely did not notice that housing has become unaffordably expensive for most young people. Sure, you're having fun biking around the city, but people aren't going to enjoy life in the city if they cannot afford housing.