Policy-induced housing market dysfunction: Both supply and demand sides broken. Tenants face elevated rents + limited inventory. Developers unable to generate acceptable returns despite demand imbalance. Root cause extends beyond rate cycle or COVID-era regulatory overhang—structural policy failures creating lose-lose equilibrium. Mansion tax policies hitting middle-market transactions, further constraining supply. Implication: Housing as asset class faces sustained compression on new development ROI while existing stock pricing remains sticky. Regulatory risk premium now permanent feature of real estate underwriting.