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Because when an entire generation cannot afford housing, and an older generation starts dying, the houses have nowhere to go. Right now, houses are just changing hands and climbing a wealth generation ladder, but the last buyer at the high prices holds the bag when it all falls apart.
This is exactly the reason why corporations are the fasted growing group buying residential property. Once a Ponzi scheme exhausts a buyer base it needs to find a new one to keep going.
Much as I want a crash, the houses have lots of places to go. Into lovely warm investor pockets....