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The root cause for the low affordability seems to be that most people don't want to sell a house purchased at 3% interest and have to pay for a new one at 6%. That and zoning restrictions too contribute for the lack of supply.

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There was a huge affordability problem 4 years ago when the rates were 3% too, so that’s clearly not the “root cause”. In fact, at the time HN was filled with people blaming the “free money” 3% rates for the lack of affordability…

LOL, you live in California? The past affordability you are talking about was not universal. There were plenty of people happily buying homes after moving out of CA to other states.

Anyhow, interest rates are the root cause now. Who in their right mind would do the trade I've described?

In my area the zoning is ludicrous. Need to walk 4 blocks to visit my corner store. Tall skinny townhomes that nobody wants and go unsold for months are the only allowed high density option - with no stacked flats.

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