the primary pressure on housing prices is not inflationary. Inflation doesn’t create supply or demand, and is therefore irrelevant in the equation of labor to housing. The primary pressure is 130 million extra brown people in my country, which creates demand for the limited supply of housing and drives up the price, as well as drives down the cost of labor as labor becomes more plentiful. This is the reason that wages are not keeping up with inflation. It’s not a magical thing where you print more money and labor gets worth less as a result. Wages are a marketplace, and the marketplace has been flooded with brown scabs that we need to pick.