. . . the housing bubble, the brewing new bubble, and pervasive progressive racism. Smart growth has allowed millions of people in small enclaves who owned property a decade or more ago to become wealthy, while blocking out the undesirables, the lower class, the working class, and the lower half of the middle class, and by doing so the blacks, and other racial groups. The areas are represented by metro areas like L.A., San Francisco, Portland, Seattle among many more. These policies propel the average housing price frequently to more than 5 times average income in these areas, making housing completely unaffordable.
The lucky few who bought at the right time, accumulate vast paper wealth, but this wealth is subject to extreme market violability. Bubbles forms quickly, and then deflate quickly, then begin forming again.
The solution is to eliminate the land use restrictions, but the lottery mentality of the home owners makes this untenable. Everyone wants to hold the land until they achieve some mythical age, then sell at a market peak.
In the end, it is not possible to see how this false market continues. At some point, businesses, and the middle class will simply leave, and the market will terminally collapse. Or, the citizens can realize their mistake now, eliminate the land us restriction, or at least alleviate them, and allow the market to regain some sense of normalcy.