One of the most common questions in Irish housing today is whether we are heading for another 2007. Are prices too high? Is this a bubble? Will it all come crashing down again? That fear is understandable. The scars of the last crash still shape how people think about housing, risk and indeed politics.  For some, the idea that prices could fall might even be comforting: bubbles pop, markets reset, and eventually life moves on. But what if that mental model is wrong? What if today’s housing crisis is not a bubble at all – and what if treating it…

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