[Verse 1] Back in forty-eight the dream was real and bright Workers bought their homes, the future looked so right But then the rules began to change across the land Zoning laws and permits, regulations got so grand [Chorus] When supply goes down but demand stays high Housing prices reach up to the sky Those who own get rich, those who rent fall behind It's the wealth gap growing in our time Supply constraints make the assets climb Inequality grows by design [Verse 2] Let's take San Francisco, see how it unfolds Nineteen seventies brought the rules that we've been told Height limits, lengthy permits, neighborhood review Made it hard to build, so the housing stock stayed few [Chorus] When supply goes down but demand stays high Housing prices reach up to the sky Those who own get rich, those who rent fall behind It's the wealth gap growing in our time Supply constraints make the assets climb Inequality grows by design [Bridge] Tech workers flooding in with cash to spend But new construction couldn't match the trend The gap between the haves and have-nots grew As housing became wealth for just a few [Verse 3] Homeowners saw their equity rise each year While renters faced the costs they couldn't bear The model shows the pattern crystal clear Constrain supply and watch inequality appear [Chorus] When supply goes down but demand stays high Housing prices reach up to the sky Those who own get rich, those who rent fall behind It's the wealth gap growing in our time Supply constraints make the assets climb Inequality grows by design [Outro] From sea to shining sea the story's told When housing's scarce, the wealth divide takes hold The path from broad prosperity to few Starts when we limit what builders can do
← Paper Trails and Price Tales | Wages Stagnate Hour by Hour →