Swing and miss. We will have the record high ratio of housing per capita within the next 2-3 years. We're WAY above 1980-s, and only slightly below the 2006 levels.
But you're actually getting closer to the truth: economic forces are pushing people to move into ever-densifying urban areas, that simply will NEVER have low housing prices. And it's a nearly zero-sum game, so every unhappy worker in a tiny flat paying 40% of their salary in rent, means that there's a new abandoned house somewhere in Iowa.
This in turn makes people in Iowa poorer, and they start hating the city population.
Building more houses in big cities will NOT solve this. We need a concerted push to revive smaller cities, by mandating remote work where possible. Another alternative is taxing the dense office space.