Up until the mid-1980's average new construction was 1.8 million units/year, afterwards it dropped off, while the population grew from 240 millions in 1985 to 330 millions today. The fact that household sizes have shrunk, and the rural depopulation only exacerbate the problem. There is a grave supply problem.

> The fact that household sizes have shrunk

This will see some natural reversion as families become forced together.

That's going to be especially rough ride after 80 years of erasing the housing that could accommodate those families.