I'm with you, but many people still question this. Here's a recent pre-print paper that was in the news arguing that inequality, not lack of supply, is the real source of housing affordability: https://osf.io/preprints/socarxiv/95trz_v1

Who are the people that “seriously question basic market pressure being a thing”? Am I missing something?

They are often happily blinded by ideology. Try to tell someone in Britain that wages have been seriously suppressed due to mass immigration and most of them will look at you like you’re stupid.

Housing and immigration are two areas where people just can't accept basic economics. You can see some olympic level mental gymnastics routines all over this comments section.

Eh, people really need to be questioning econ 101 more often.

It's built upon untrue assumptions

- infinite buyers / sellers

- perfect information

- no switching / transaction costs

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The article itself has 3 different year ranges provided so I'm not sure how you can use it as evidence. Plus overall the rent is still up by a lot since 93% - 4% is still at least 80%.

- Rents increase by 93% from 2010 to 2019

- Housing increase from 2015 to 2024 (this overlaps with when rents increased ...)

- Rents fell from 2021 to 2026 by 4%