Quote:
Originally Posted by LSP
The main culprit is COVID. Remember how the price of oil tanked during COVID? There was no demand. No new wells were being produced either. When we left the crisis, there was a surge in demand for oil but not enough supply to reach or pass equilibrium. Since quite literally every good produced on earth needs oil, everything else got expensive with it.
There's a few other culprits. The Fed held historically low interest rates probably too long, but that may have been necessary for people to keep jobs during COVID. It makes sense that they raised interest rates when they did.
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I agree. One other reason is that corporations and investment groups are buying houses for more than regular people can afford to pay, then renting them out at higher prices than individual landlords. That's a problem that is only going to continue, sadly.
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