Why is housing so expensive? Blame the Great Recession and its resulting construction labor shortage

The Great Recession occurred 17 years ago, from December 2007 to June 2009. Led by a crash in the housing sector, it was the deepest recession since World War II and resulted in noteworthy financial industry failures, serious economic contraction, and a significant rise in unemployment. Recovery was historically slow, and some sectors never recovered their pre-recession vigor.