If we have supply start matching demand, we'd get closer to the the "houses keep going up 1-2% a year, but inflation is 5%, you have a 3% drop in value each year even though on paper, you have an increase" approach.
Most metro areas are still not keeping up with demand. Even the ones that are doing better in things like zoning (such as in TX, NC, FL) are getting enough growth from other locations that the induced demand is still outpacing supply.
We need state and federal policies that can override the local NIMBYism. CA's recent experience is both a good start but also provides a bunch of lessons learned on how these policies can fail and should be improved both in CA in other jurisdictions - especially when localities are actively trying to work around them.
What is demand? People who want to live somewhere and people who want to park their money in land or real estate. Prices won't go down if you deal with only one kind of demand.
Most metro areas are still not keeping up with demand. Even the ones that are doing better in things like zoning (such as in TX, NC, FL) are getting enough growth from other locations that the induced demand is still outpacing supply.
We need state and federal policies that can override the local NIMBYism. CA's recent experience is both a good start but also provides a bunch of lessons learned on how these policies can fail and should be improved both in CA in other jurisdictions - especially when localities are actively trying to work around them.