We should probably stop calling our housing problem a crisis. We’ve been dealing with housing-related issues – homelessness, undersupply, soaring costs – for three decades and it’s not obvious what we’ve got to show for it. “Affordability erosion” – from which everything else radiates – now seems locked into the system. The average price paid for a home in Dublin in the 12 months to January was €453,075 – nine times the average full-time salary. This is roughly the same as it was prior to the 2008 crash and yet there is no credit bubble, no pending collapse.

Source: The Irish Times March 21, 2021 12:11 UTC