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That’s not how supply and demand work. Low supply doesn’t drive demand higher; demand is usually independent of the supply. However low supply for any given demand will cause prices to increase.
And what makes you think the supply “artificially” low? There’s not a big conglomerate somewhere holding on to a large enough tranche of housing to cause a dip in supply, most likely.
It’s low supply because homeowners with record-low interest rates are less interested in selling and moving, since the monthly payment they pay right now be for less house. It’s a side-effect (or maybe the main effect? I’m not an economist) of the fed increases.
I think they're referring more to artificial restrictions like single-family zoning, setback requirements, parking minimums, etc.
https://www.nytimes.com/interactive/2016/05/19/upshot/forty-percent-of-manhattans-buildings-could-not-be-built-today.html
To take Manhattan as an example, 40% of the buildings could not be legally built today because they would violate zoning laws. A huge amount of San Francisco is under single-family zoning, and so low density - and given fixed land, low supply - is artificially enforced, which probably has something to do with it being one of the most expensive housing markets in the country.
edit: removed off topic, added blackrock conspiracy video
Thanks for the input!
I have heard of companies buying up 'would be first time buyer' homes and renting them out.
Similar to this moderate random video on subject:
Why Wall Street Is Buying So Many U.S. Homes [12:33 | CNBC] https://www.youtube.com/watch?v=iLsZlrZIFwU
The Blackrock Conspiracy Debunked [20:54 | The Hated One] https://www.youtube.com/watch?v=STYgeA9VScc