This will destroy housing affordability.
I've saved plenty of money and so have many other of my high earning peers.
Based on what we saw during the pandemic, the moment interest rates drop we are making sure to buy as much property as we can, because an interest rate drop only extends our ability to buy more.
Clearly there is no ability to build additional supply anymore due to the labor shortage, so we may as well buy what we can so we or our future children don't get left out.
If interest rates drop, it's absolutely game over for the majority of Americans and home ownership, because those of us with dry powder will execute.
The housing market needs to crash for prices to return - either by forcing owners to accept a massive haircut on valuation by keeping high interest rates (the same thing Volker did) or by building more - which is basically impossible as there is a labor shortage and material shortage along with harsh zoning laws.