You&#x27;re assuming the QE cannot be maintained on the Fed&#x27;s balance sheet indefinitely. Substitute something else for &quot;the Fed&quot; where appropriate.<p>The reason you have (relative) inflation of housing (besides subsidies and throttling of supply ) is because there&#x27;s no inflation other than that. With no growth in productive sectors, people turn to rents. Keep it up long enough, and they forget how to do anything else.