The question I have has several parts, but fundamentally I wonder if the housing supply could even be increased enough to materially affect housing prices.
Not saying that the housing supply isn't excessively restricted, but how much can restrictions be decreased and how much difference would it make?
An analogy is building freeways to relieve traffic congestion. What regularly happens is that additional roads or adding lanes to existing roads provides temporary respite from traffic jams. But before too long the roads are jam-packed again, the problem isn't solved, just have more cars clogging traffic.
I suspect adding more housing won't lower housing prices, just bring some more people into the area. BTW this is what's happening here in Portland OR, where a building boom has been going on for years. The area population has increased, housing prices are still out of range for many people.
Not saying that the housing supply isn't excessively restricted, but how much can restrictions be decreased and how much difference would it make?
An analogy is building freeways to relieve traffic congestion. What regularly happens is that additional roads or adding lanes to existing roads provides temporary respite from traffic jams. But before too long the roads are jam-packed again, the problem isn't solved, just have more cars clogging traffic.
I suspect adding more housing won't lower housing prices, just bring some more people into the area. BTW this is what's happening here in Portland OR, where a building boom has been going on for years. The area population has increased, housing prices are still out of range for many people.