Agreed, but there are big structural barriers. We generally want necessary goods to have stable or decreasing prices over time. But in America, we encourage home ownership as an investment. For many, their biggest investment. That creates a big constituency who want housing prices to go up. But we also want people, especially those just starting out, to have affordable housing.

We can't have housing be both affordable and a good long-term investment. We need to pick. And given increasing prices and how 65% of Americans are howmeowners, I think we already did.