This is from Elliot Eisenberg one of my favorite national economists–

“In 2017, 1.2 million houses were started. While that’s double the number of starts in 2009, the worst year on record, it’s still 400,000 starts below what’s needed based on population, job growth, and teardowns. This means we’re currently underbuilt by 4,500,000 units, with the gap widening, albeit more slowly now than before. Until the hole stops widening, the gap between house price appreciation and income growth will worsen.”