There is no denying that Israel faces a whopping housing predicament. And it is rapidly turning into an economic danger.Bank of Israel Gov. Stanley Fischer recently issued a dire warning about the engorged real-estate bubble that, to his mind, threatens to turn our economy into something vaguely resembling that of Ireland. His words stirred a tempest of controversy, mainly revolving around how better-buttressed Israel’s banks are vis-à-vis their Irish counterparts.But that’s almost beside the point. Chronically, demand in our housing market far outstrips supply. Current supply is about 50,000 housing units below demand. By Israeli yardsticks that’s a huge gap, which in itself causes prices to spiral.