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World Wide Housing Shortage?

How is it that all over the developed world, housing prices have suddenly all shot up at the same time?

Surely there are bigger financial affects at play here, other than supply/demand?

  • If short-term supply chains are to blame, wouldn't the effect be more felt in newbuilds and project deadlines, and not so substantialy across the board?
  • If policy is to blame, are we saying many governments took action to rise prices all at the same time?
  • If general housing shortages are to blame, are we saying that suddenly, over two years we needed 'e.g. twice' as many houses all around the world, and that so many markets reacted that quickly?
    • You hear a lot about how, people are leaving cities etc.. This would provide an explination if the issue was fairly localised (think suburbs around cities like London, L.A.) you could even apply this to smaller countries like the UK, it isn't localised though. It seems to be occurring around (most of) the world?.. and wouldn't you expect to suddenly see loads of cheap nice inner city apartments?
  • If Q.E. is to blame, would it not take a little longer for the money to filter down into the general population? - Why would money being pumped into equities and also freely handed out, suddenly put everyone into a fevered bidding war?
  • If low interest rates are to blame, are we saying that everyone simply started bidding to get themselves into even more debt for the same properties?
  • If working from home is to blame, does that mean that most people have 100% office jobs, and that they have bet a relocation, against the odds of ever being called back into work?
    • Where did they move from? Surely they have left a home behind them?
  • Why/how are people bidding so high above asking price?
    • Does everyone think house price rises will continue to rocket for the next ten years?
    • Are people not considering the potential consequences of paying a price that is too high; either by cash or debt?

Obviously, it won't be a simple single answer. I've just not specifically seen an answer as to why this housing boom is so wide spread.

submitted by /u/Ill-Tip-7053
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source https://www.reddit.com/r/RealEstate/comments/r4x4tr/world_wide_housing_shortage/
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