The New York Times

The core of the problem is simple: Too much money chasing too few homes. How many more homes does America need? I’ve seen estimates ranging from two million to five million. It’s a shortage decades in the making — and one we’re nowhere near on track to solving. In 2025, America built fewer homes per 100,000 people than it did in 2005, 1995, 1985 or 1975.

- Ezra Kline