Housing is a paradox.
More homes must be constructed to reduce market prices through increased supply.
But there is no incentive to build additional homes when consumers cannot afford current market prices.
Materials cost is also increasing, and that's why it's not ideal, and there is no incentive for the builders and the government to build more. Rich migrants also that invest in housing and buy a lot of properties makes the demand higher. And so, the rents are also expensive and there's no way for the younger generation that are starting from the bottom line is able to afford these tremendous and expensive houses.
Instead, what will happen is residents will flock to nearby states and regions with lower average cost of living.
That's what is happening and not just in states that have lower cost of living but also in countries where their money can make them live like a king.