I grew up in a house that size just south of Los Angeles. Not quite as ritzy as this one but not bad. My parents got a mortgage on it in 1964 and spent the next 25 years paying it off. The full price of the house was $29,000, less than they are asking for one month of rent for this house.

The old world is dying. The new world struggles to be born. Now is the time of short-term supply shocks.