Builders have been working as fast as they can (and sometimes faster than they should) around here non-stop since maybe 2011 or 2012, and it's not enough. Tons of new neighborhoods, probably half the apartment buildings I know of were put up in the last ten years, and so on, but house prices and rent are nuts and still increasing faster than inflation anyway.

We're at the end of what sure looks like about a decade-long housing construction boom, in my city, which is not trendy or growing very fast, and prices have done nothing but go up at 2-5x the rate of CPI the entire time. It's possible the under-supply was so bad that all the construction still isn't enough to catch up, but then why did prices not start higher than they did? I find it hard to believe that this city's gained new residents faster than it's gained new housing. Something else is going on.

Households to number of homes built is exactly the same as it was in year 2000. You can compute it yourself using FRED data.

1.1 homes per household (or vice versa).

People who count from 2010 are cherrypicking the underbuilding decade while ignoring the overbuilding decade, 2000s.

There is no "shortage" of homes, there's a shortage of homes listed currently.