Part 2/7:
As the world emerged from the COVID-19 pandemic, it experienced significant shifts in housing demand. Zeihan recounts a period characterized by limited new builds due to a recovery from previous over-supply and initial assumptions regarding the pandemic's longevity. Many potential home builders took a cautious approach, leading to a housing market crisis driven by soaring prices and a spike in demand from individuals seeking improved living conditions outside urban centers. This greater interest resulted in record housing sales and a noticeable decrease in available housing units, ultimately pushing prices to unprecedented levels.