> Wages and cost of living have an innate balance, that sometimes swings more one way or the other, but by definition can't exceed certain limits: e.g. we can't all make US minimum wage and afford SF rents / home prices.

So reading your comment gave me a thought.. Why? To pose a question, why does it matter that people need housing? (Matter, in the sense of - have an impact).

Ie, it will only have an impact if something will correct it, right? And what would correct it? Normally i'd say "Well people can't afford homes, so the prices will lower" - but people haven't been able to afford homes for a long time, i thought. This tweaks some already janky numbers, but i fear it doesn't tip the apple cart. If "people" (in the common sense) aren't propping the housing market up then their lack of participation in this market wouldn't change much, no?

Ie, i wonder if the people who were offering cash and driving up housing prices yesterday will be doing the same thing tomorrow. Mortgage rates don't matter much to cash rich, no?