I've discovered there's a large group of Hoboken families that have been in the market for 4 bedroom homes for years, but there's so little inventory. They've had the down payment just sitting in a high yield savings or the S&P growing and contributing, so their budget keeps going up. The few times a year a home comes on the market at a record price, everyone and their mother makes an offer and it goes for maybe 15% over asking.

Housing is a stupid game of musical chairs. The only way out of this conundrum to avoid families moving away who can't possibly afford to play this stupid game (including wealthy families who are sitting idle waiting and are getting fed up) is to massively ramp up building homes for families, not just in Hoboken but regionally too.