Arpit Gupta says a hot U.S. economy lifts labor-force participation but pushes prices higher, eroding affordability. He points to housing as a clear fault line:

Arpit Gupta says a hot U.S. economy lifts labor-force participation but pushes prices higher, eroding affordability. He points to housing as a clear fault line: long-tenure New York renters pay a median $1,641, versus more than $5,000 in Manhattan market rents.