Let's not leave Dave's deeply insightful detour just yet. Patrick M., I think he's got a point. In fact, it's so insightful that it might just work for the public housing market.
We all know that there is a shortage of quality public housing, and the private market is vastly overpriced in many areas of the country. In many of those same areas, lots of people, six-figure income types, live in houses where the square footage is vastly underutilized. (Indeed, a lot of those people, despite their incomes, are burdened under mortgage payments that are way higher than they need to be.)
This can only mean one thing: a market dislocation. I bet there is no one on this site who really needs 100% of the square footage of their house all the time, or 100% of the shelf space in their Subzero, or for that matter who use more than one (or possibly two) toilets on a daily basis. Most probably have an extra toothbrush in a bathroom drawer that's not be utilized at all.
It should be apparent at once that we don't have an undersupply of housing; we really have an oversupply. Economics would therefore dictate that the folks with the big, not fully utilized houses should - maybe for a week or two at a time, or a month or whatever - rent out their back bedrooms and spare baths to those folks who can't find affordable housing elsewhere. They get affordable housing, the fat cats get help paying their mortgage, and the great thing is, it lowers the cost of housing for everybody! Everybody wins!
Something to think about, right, Dave?