Canada

How could I possibly be quoting out of this article if I didn't read it? They divide housing stock by number of (thousands of) adults for the upper line of the second graph. If the average number of adults in a household changes, that line is misleading. They make an effort by not including children, but it's not enough.

That's my guess why the 20th century looks that way, anyway. If you crop at 2000, suddenly it shows exactly what mainstream analysts have been saying - lots of immigrants came in all at once, and the housing supply tightened. Otherwise it's close to flat.

Beyond housing itself, they inject (current, Canadian) numbers about debt, but that connects to a lot of things, and the ratio of home price to median income. Median household income has diverged from the mean, and yes the finance system has changed. They really haven't made an argument for their version to dissect. It's all innuendo and appeal to the authority of other people they agree with.

They start with "the CMHC is recommending too much construction", which is defensible, but "housing is all a huge bubble" is a more extraordinary claim, and "actually there's plenty of houses" is a non-sequitur.

And yes, I have a minor in Economics with a Math major. FWIW.

I'm surprised at the language you're using, then. ECON101 is a phrase you see from people who think Das Kapital is a current textbook.