> Housing seems to be a disaster almost everywhere in the world these days

Interest rates have been ultra low (versus historic norms) in the developed world for two decades. And prior to that they were on the decline.

Similarly, the developed world has largely not been building housing in line with population growth. For decades.

We are at the natural conclusion of decades of bad policy and we aren’t going to squeeze out of it in a few years. It will take decades of good policy to fix this and our leaders don’t seem programmed for maintaining good policy for more than a few years until there’s a hint of prosperity and then they fritter it away.