I used to think housing affordability was just another talking point in America’s political theater—a play in search of a playwright. Los Angeles is now preparing to host the 2028 Olympics, and a new report warns that as many as 320,000 visitors could be left scrambling for accommodations because hotel capacity will not meet peak demand. The proposed solution is to expand short-term rentals. Yet in Washington, the same platforms are cast as villains in a housing crisis that has persisted for decades. Lawmakers debate banning Wall Street firms from buying single-family homes. City leaders blame short-term rentals. Populists blame institutional investors. But this production keeps missing its opening act, and no last-minute stand-in will fix a script built on chronic undersupply and systemic policy failure.
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