It has become out of reach for an increasing number of people all around the world. Look at the ratios of price to annual salaries and many have risen a lot.
> If people couldn't afford houses, they would sit unsold until sellers lowered the price to a price someone could afford.
This is fundamentally not the case in much of China and Taiwan where the wealthy sit on empty homes for years or decades. The housing price in Taipei continues to climb while a large number of units sit vacant.
US: https://www.jchs.harvard.edu/blog/home-price-income-ratio-re...
> If people couldn't afford houses, they would sit unsold until sellers lowered the price to a price someone could afford.
This is fundamentally not the case in much of China and Taiwan where the wealthy sit on empty homes for years or decades. The housing price in Taipei continues to climb while a large number of units sit vacant.