The House-Price Supercycle

TL;dr from TFA:

"Three factors will ensure that, for decades to come, the housing supercycle endures.

The first relates to demography. [...] Immigrants need a place to live, which, research suggests, tends to lift both rents and house prices. [...] But even under the strictest policies, rich countries will probably continue to receive more migrants than they used to. Their need to cater to an ageing population is likely to overwhelm a desire to tighten borders.

The second factor relates to cities. [...] The rise of remote work meant that, in theory, people could live anywhere and work from home, enabling them to buy roomier housing for less money. [...] It has not worked out that way. People work from home a lot more than they used to, but big cities retain their draw. [...] All this raises competition for living space in compact urban centres, where the supply of housing is already constrained.

The city’s triumph compounds the effects of the third factor: infrastructure. In many cities commuting has become more torturous, limiting how far people can live from their job. "