I think that when people describe these kinds of markets as "artificially" inflated, they're reacting to the sharp increase in income inequality. For a person who has had a 60-80th percentile income for 20 years, it probably feels more like prices are artificial than it feels like their economic status has declined significantly. Unfortunately the latter is the case, as increasingly fewer people gather an increasing share of wealth.

I would definitely agree that the pricing is not artificial, but I don't think I would call it fair.