Philosoraptor

Yes, High End Housing is actually part of the "Sustainable Development" plan. Real Estate developers mow down old neighborhood apartments where people that have lived there for 30-40 years or old rent-controlled apartments for high end condos and apartments that only millionaires could afford. Now would you call that "Progressive"?

Interest rates have been so low for quite some time money poured into real estate instead of bank accounts. If interest rates do rise soon - appreciably - we may see some relief. But don’t trust the Fed to do the right thing.

Interesting, I don't know how interest rates have to do with real estate prices, but I do agree with you that we can't automatically assume the Federal Reserve will do the right thing.

Money chases the highest returns. Landlords in Soho NYC leave commercial property vacant because they can use them for speculation. You can be sure residential property is no different. All this is shameful when you think about the huge spike in homelessness in the USA.

What do you mean by speculation? Are they waiting for the best possible time to build housing and retail? My dad is from NYC btw (Williamsburg neighborhood of Brooklyn).

Creating an artificial shortage, puts upward pressure on prices.

Now that's been occurring in California for a long time!