A dizzying number of experts have offered competing explanations for our absurd housing prices.

At its core, the issue is simple. The link between housing prices and local incomes is broken.

Two solutions are obvious.

We can address the crisis by bringing market housing prices down to levels that reflect local incomes, or by building enough non-market housing to meet demand.

We’re doing little serious on either front, certainly not compared to the scale of the problem.