If housing affordability is destined to return to late 2010’s levels, and you make some assumptions about what that adjustment process might mean for residential construction and employment, it makes the policy choices of 2020-22 more uncomfortable beyond inflation.

If we just did another two years of low hire/low fire and avoided recession, factoring in housing affordability, you could talk me into this being a worse hand for young people than Millennials had during the early 2010’s: