Housing prices have soared in many markets across the United States over the past decades as populations have grown, square footage has increased, and new unit construction has languished. Houses that were once tens of thousands of dollars have transformed due to zoning restrictions into million-dollar manses, leaving millions without affordable housing.
Few regions have been as hard hit by housing prices as the Bay Area, where the median price for an existing home last year averaged just shy of $1 million. For John Geary, who grew up in Cupertino and whose father is a single-family home real estate developer, “I’ve seen the just under-building of housing occur my entire life here.”
He eventually linked up with Eric McInerney when the two worked at Bain, and the two quickly became friends, living together in Chicago. Both were housing nerds and talked about the housing crisis regularly, and eventually, they started