The land owners did it to themselves pushing for tighter building codes and zoning. No one built, rent went up, the economy got more fragile because people on the bottom had absolutely nowhere to go. Now they’re going to pay for it (except the ones that saw this coming, I know the building I live in just got sold a few days ago...)

I’ve been saying for years that the housing market is irrational and that most of the US should be building more. Not that my opinion means anything but I also wasn’t the only person saying this.