THE SETTLED

The market is bearish on American labor and neutral on institutional stability. Capital has taken strong positions against housing affordability in coastal metros—conviction is high, liquidity deep. The question of whether you can afford to stay where you live has been answered. You're still paying rent.

Aggregate sentiment: short human agency, long consolidation. The market is confident that institutions will absorb what individuals cannot hold. Your flexibility is being priced as an asset for someone else's portfolio.