The same issue persists irrespective of supposed NIMBYISM.
The primary, most obvious driver is historically low interest rates. How much we can attribute to that is hard to say but it's #1 for sure.
During the 2008 crises, the Fed took toxic housing loans off their books, which 'saved the banks' but it also 'saved millions' from foreclosure i.e. creating a moral dilemma there as well and signalling the Fed won't let home prices crash.
The same issue persists irrespective of supposed NIMBYISM.
The primary, most obvious driver is historically low interest rates. How much we can attribute to that is hard to say but it's #1 for sure.
During the 2008 crises, the Fed took toxic housing loans off their books, which 'saved the banks' but it also 'saved millions' from foreclosure i.e. creating a moral dilemma there as well and signalling the Fed won't let home prices crash.