There's a housing shortage in places like California where people aren't allowed to build. There's no housing shortage in places like Austin, Texas where people are allowed to build.
"Just because home prices are coming down and there are more listings, doesn't mean that prices are affordable. So there's still a supply problem in cities like Austin," Turner said. "I think only 25 percent of Austinites can afford to purchase a home at the median home price."
The trouble is that Austin will just become California once those people buy homes, because that's how housing works in the US. It's an investment, and not just any investment, but the primary investment for the middle class. We don't actually want housing prices to come down.
