There is no “housing shortage”. If there was a shortage, construction would be up, because nothing drives up prices (and therefore profits for builders) like a shortage.
As I said, grossly oversimplified. There are multiple markets for real estate involved such that a single variable demand curve is bogus for which we have the substitution effect and indifference curves. Sowell knows it.
More like a lack of houses for the realtors to sell. A lot of the squawk about a lack of housing is by those who make money, the developers, the realtors. I’ve lived in my home just over 20 years, my parents in theirs 50 and my grandmother about 68 years and of course this is a big problem because there are people out there looking to buy homes like us. So of course we should move shouldn’t we? How selfish can we be, keeping someone from getting a commission and keeping someone else out of “our” home as we happen to like our home and plan to stay put. Which in some eyes makes us all mean and greedy. Hahahaha. Barely getting by and gonna stay put as long as we can afford to do so which many people do.
There's a housing shortage of affordable housing. . . where people want to live. A lot of it is caused by Liberals being unreasonable about building codes.