I think "home price appreciation" is one of the more interesting factors here. If home prices grow at 4% and wages don't keep up, it seems like that's not likely to be a sustainable over the long term.
Appreciation in the Bay Area and other denser areas have seen prices grow at more than inflation, which is probably attributable to restrictive zoning limiting supply over the long term. I agree that's not sustainable economically, socially, and hopefully politically.