For those of us who don't live there: Is this "housing crisis" possible to solve?
E.g. there is something similar in Oslo (and AFAIK, many other attractive areas) which are experiencing population growth. However, as there aren't more areas to build on - and established housing areas obviously don't want high density buildings built where they life as this would diminish their own quality of life (infrastructure can't handle it, and also takes away things like sun and views) - it's a topic that everyone wants to fix, but aren't actually able to do much about.
As a result, prices keep on growing - and I'm sure happy I don't have to start from scratch now. I've got a decent house (145 sqm in a nice area), and that's worth about $1.5 million now - which is insane, as Norwegian top salaries just aren't that high. The pay scales are extremely compressed compared to e.g. US - much higher for low income, much lower for high income.
There is more area to build on. They choose not to build on it. I don't agree or disagree with that, per se, but they have for example green belts that were put in place.
Their other option is to stop making new home constructions so onerous. With this type of staggering imbalance of demand/need for housing versus the availability/supply of housing, a single acre that contains 3 older flattops can be turned into quite a few townhomes or condos. But the land is super expensive, leveling/disposal is expensive, rezoning, changed power hookups, water hookups, sewage hookups, many numerous code and regulation hurdles -- it makes the process one that can only be met by few builders.
They're either going to build out(onto greenbelts), build up(taller buildings), seriously reorg the process for existing land to be turned into denser housing, people have to move away(lower the demand) -----> or the cost of a 2bedroom/1bath apartment will continue it's march upward (3k to 4k per month?).