> Housing won't drop below cost of materials and labor

Only if every person born needs to have a brand new house constructed for them.

Not if - you know - people die and don't need a house to live in anymore.

But considering how it's been the past 20 years, I'm starting to expect that a lot of the current elder generation will opt to have their houses burnt down to the ground when they die. Or maybe the banker owned politicians will make that decision for them with a new policy to burn all property at death to "combat injustice". Who knows what great ideas they have?