The below is one of those graphs that you vaguely expect to be taken to task for (due to some glaring compositional oversight), but simply indexing population relative to completions would suggest that we have really fallen in a hole these last 5 years, with not enough homes built.
The slightly more serious seeming version of the above is to fetch the household formation data, and use it to make a proxy for housing demand.
Assuming a fixed rate of 2.2 is hardly sufficient, yet still highlights that completions did catch up to population growth for about 5 years, but since 2019 has been likely inadequate.
This data stops at late 2022, and so it would look even worse with the recent population surge (post reopening) and the collapse in building.
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