What's Broken in the Housing Market?

There's a lot of hangover still from the last decade. We've had five point eight million homes that we needed to build to house families, that we just haven't built. This very large t of young people just doesn't have anywhere to go. Even though home prices are high, for a lot of potential buyers, staying and renting isn't a great option either. Where does the mortgage rate need to be to really bring these into equilibrium?