The psychological and demographic impacts of an unaffordable housing market

``The argument that high home prices crush the middle class seems to be gaining solid traction. Something that would appear to be self-evident is actually an under explored topic in academia. A few articles now focus on what we've been talking about for many years. Household incomes do not justify home prices in many California cities and the only reason prices were driven so high, was because of speculative investments and high leverage mortgages.''