I get what you're saying, BB, but keep in mind all the crossover transactions that require little or no borrowings/mortgages, which cancels out the dynamic of affordability. More and more I'm seeing a case for the tale of two RE cities - up-market RE and the low end, which may be affected by affordability. But of the latter there's always the chance that investors/slumlords will take up the slack, given the outrageous level of rents being attained. I'm not saying the above will go down that way, given none of us has a crystal ball, but it's pointing in that direction - until it doesn't.
