I am 30 years old, lived in more than a few cities/countries now and since I was a child, the cost of rents/houses have always been increasing, literally everywhere.
At what point it is too much? What happens then?
The vision that we need to paint is one of density and verdancy, at the same time. Of single family homes, but maybe with smaller yards, but impeccably maintained. Single family homes with a granny flat in the back, for granny when she's infirm, or for uncle joe who failed to launch. 4-5 story apartment buildings everywhere. More rail, for sure, but also more biking and walking. Space efficient housing for vagrants and students housing with with small rooms and common areas. Mansions for the C-level suite, but shotguns for their personal assistants. Back-to-back, in the same neighborhood.
The vision of the american city of the future is not Beijing, it's the lush verdancy of Charleston, Savannah, New Orleans. But not only for tourists. For everybody. That is the future, even better (yes, better!), than what we have now.
It amazing how short people's attention span is. It's not the last housing crash in the US or Asia was that long ago.
We may have it completely wrong about what makes land valuable, but it seemed that way due to a series of coincidences.