So why is this happening? And how do we bring that rocket ship closer to Earth? We can think of today’s housing prices in terms of a supply-and-demand problem. On the demand side, there are a few things happening.

The problem is that supply isn't matching that demand. From 2010 to 2019, there were fewer homes built in the US than in any decade since the 1960s.

In many towns, like Atherton, they’ve excluded all multi-family housing from their neighborhoods.

By shrinking the pot of new housing getting built, while demand keeps rising, it drives up the cost of housing for everyone.

Ending America's housing shortage will require real political willpower.