Reminiscent of the Vibecession analysis done by Scott Alexander a few months ago: https://open.substack.com/pub/astralcodexten/p/vibecession-m... - may be good supplemental reading

And of course the evergreen Housing Theory of Everything https://worksinprogress.co/issue/the-housing-theory-of-every...

Housing inflation cascades down into everything else too, since people require higher wages to afford housing... which drives up housing costs... which requires higher wages to afford housing...

Basically real estate is the thirsty sponge that soaks up all the gains.