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[–] gota_party 0 points 2 points (+2|-0) ago 

And what's stopping people building more houses?

authoritarian policies of their respective governments

Other causes of high house prices: high immigration, low house-building, low interest rates. All a result of...

authoritarian policies of their respective governments

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[–] lipids ago 

Authoritarian policies definitely play a role in keeping the supply low. But the boom and bust cycle plays a part too. Housing demand peaks at the height of the boom and building takes time to catch that peak but before it can deflate prices the bust hits and financing gets tight.