What’s causing the shortage itself is complex. The home-building industry lost about 1.5 million workers in the Great Recession of 2007-9 and has been in a labor shortage since. Land has grown more expensive. Lending tightened for builders, just as it did for home buyers after the bubble. The cost of lumber and other materials has risen.
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NYTimes summarized it better [1]
[1] https://www.nytimes.com/2022/07/14/upshot/housing-shortage-u...