Here's Why Housing Is Unaffordable for the Bottom 90%

This is the direct consequence of the Federal Reserve's decades of unprecedented stimulus.

The superficial conclusion that the reason why housing is unaffordable is a scarcity of housing misses a key dynamic in supply and demand: who has too much money and where do they park it??

The reality is obvious but conventional analysts don't see it, largely because it doesn't fit the approved narratives. Here's why housing is unaffordable to the botto…