Housing affordability has become one of the defining economic challenges facing households today, but rising mortgage rates are only part of the story. In this episode of In the Tranches of Structured Finance, Vadim breaks down dv01's latest research on the U.S. housing market and explains why affordability has become an increasingly structural challenge shaped by decades of underbuilding, demographic shifts, and construction costs.

Tune in for insights on:

• Why the U.S. housing shortage likely exceeds four million homes when accounting for replacement construction and demolitions
• How county-level building permit data reveals that housing shortages extend well beyond high-cost coastal markets
• Why housing affordability has deteriorated across nearly every developed economy, not just the United States
• What an "Operation Warp Speed" approach to housing could look like—and why transportation, zoning, and housing policy must work together to improve affordability

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