alt Hacker NewsHouse prices are out of wack anywhere desirable because the local income is irrelevant when non-locals are allowed to scoop up the local supply.
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Countries like Indonesia have banned foreigners from owning land altogether. You can apparently still own property through land-lease agreements and other arrangements, but not the land. I think they've cracked down on illegal rentals too.
House prices are only "out of wack" in areas with poor social housing programs.
Housing in Vienna is still affordable, only due to their very successful public housing programs. Public housing can be both beautiful and highly affordable if you want it to be, it's not like we don't know how to make good quality homes with lovely public amenities. It's mostly developers that want to skim on everything while selling it at the highest cost possible.
Poor system if this is the outcome: unaffordability.
Real estate prices are out of whack everywhere. Even in places with no good jobs, low population density, and rapid depopulation, real estate prices are increasing exponentially. There are no market forces in play anymore.
This is a common opinion that never actually matches the facts.
The issue is all the things blocking supply. As long as supply is blocked, prices will go up, Period