Morgan Housel

And I was like, that's great.

That's a very good rule of thumb for how well things are going.

And of course, people know in US and Canada and UK, like by and large, you can't right now.

What should be so aggravating about this and why this should be like a pitchforks and torches issue is that I don't think it's an oversimplification.

to say the problem is A, very easy to solve, and B, is literally just a choice.

That virtually all of the reason that housing is so unaffordable is because we don't build enough.

And the reason we don't build enough is zoning.

I don't think that's an oversimplification.

There is plenty of land, there's plenty of capital, there's plenty of demand to get this done.

And there are examples of cities that do build that are very large, dense cities that have very affordable housing, Tokyo.

Gigantic city.

Bigger than the city you and I are in right now in New York.

Very affordable housing, relatively.

Because they build.

They build and build and build and build.

And the fact that we don't, especially relative to previous generations.

If you went back to the 1950s and 60s in America, you would have seen construction everywhere.

Everywhere you looked, there would have been a new community.

And because of that, we added supply and housing was relatively affordable.

And we don't anymore.