It is even more accurate to consider job growth in terms of income growth. Job growth could very well go negative but if it means replacement of a working population with one of higher income, that also contributes to upward pressure on prices from this high income job growth.
Even worse for the supply side crunch is that this high income population is not like the previous population in the sense that they aren't as sensitive to this given price level. So demand based responses to price increases aren't seen until the prices are truly bewildering due to the amount of disposable income available for some of these workers that could be spent on housing.
Even worse for the supply side crunch is that this high income population is not like the previous population in the sense that they aren't as sensitive to this given price level. So demand based responses to price increases aren't seen until the prices are truly bewildering due to the amount of disposable income available for some of these workers that could be spent on housing.