We don't expect a building boom to change the picture. The real difference is that the last few decades rode two tailwinds that can't repeat. On construction first: in land-constrained places like Orange County, the lots and the zoning that would allow dramatically more homes mostly don't exist. New supply helps at the margin, but it isn't the release valve people hope for. The two tailwinds matter more. - Households went from one income to two. That structurally raised what buyers could pay, and it was a one-time shift. You can't go from two incomes to four. - Mortgage rates slid over roughly forty years from the high teens down to around 3 percent, and falling rates lift what a given payment can buy the entire way down. Even a meaningful rate drop from here couldn't recreate a move of that magnitude. Strip out those boosters and appreciation runs on income growth and scarcity. That's real, just slower. We'd expect prices to keep rising over the long run at a more moderate pace than the outsized local gains of the past. This is a framework, not a forecast. Nobody can promise where prices go, so buy on fundamentals and your own timeline rather than on any specific appreciation number.