I see the same cause, but to me Boomers aren't limiting supply as much as many are relying on passive income to maintain luxury lifestyles. When they downsize, they're going to move to retirement homes that have $4-6K/mo rents at the midrange.

As they die, and pass on their property, their kids will just retire young and rents will still rise, along with the prices of luxury goods.

I'll believe that house prices are high because of constrained supply when I see the prices of luxury goods drop.