The housing shortage framing
Observation
Vacancy data, short-term rental counts and investor ownership shares vary widely between cities, yet the explanation offered is usually a single national 'shortage'.
Narrative
There are simply not enough homes. Build more and prices will fall.
Alternative View
Supply matters, but financialisation of housing, zoning incentives and where homes are built relative to jobs complicate a single-variable story.
Unknowns
How many units are held vacant, and why? What share of stock is owned by entities that never intend to occupy? Does new supply reach the price segments that are short?
Question
Shortage of homes, or shortage of homes that people who need them can buy?
Why It Matters
Housing policy built on a one-line diagnosis tends to produce one-line solutions.