re: These real estate markets may be on the cusp of a San Francisco-style affordability crisis

Well, for starters your God given right to a 6% annual increase in property values in places like Mandeville are coming to an end.

I suspect the Feds will go for Volcker- light. Raise rates but only do it in small increments in an attempt to choke off inflation.

You can't have it both ways. You cannot have endless appreciation of key asset classes and not be subject to inflation. But if you think inflation is bad, get ready for deflation.