It really is. You mentioned that people want more space, but even condos are up by 15% in inner cities. Those prices are up as well.
You point out that the wealth just keeps rolling over and over. What the super-rich do is they watch their asset price inflate and then they borrow against that asset to buy another asset, which then inflates, and then they borrow against those assets to buy more. It just multiplies and multiplies, and they consume more and more of the available housing stock. The real value of their debt goes down, because inflation reduces its real worth.
This inflationary economy is wonderful for the ultra-rich investor class even if it is terrible for working-class renters. Would you agree with that, Mr. Saretsky?