Except this proves the opposite. When we built, prices skyrocketed. When we stopped building (due to COVID), the prices began dropping.
It's a combination of AirBNB being unable to illegally occupy housing, and the ultra-wealthy having a fear of urban density contagion. Demand is basically unchanged over the last 6 months, and the housing that exists is basically unchanged over the last 6 months, and yet prices are finally falling.
It's got basically nothing to do with "supply and demand" for cities (unless your definition of "demand" is so loose as to include literally anything that might impact a pricetag).
It's a combination of AirBNB being unable to illegally occupy housing, and the ultra-wealthy having a fear of urban density contagion. Demand is basically unchanged over the last 6 months, and the housing that exists is basically unchanged over the last 6 months, and yet prices are finally falling.
It's got basically nothing to do with "supply and demand" for cities (unless your definition of "demand" is so loose as to include literally anything that might impact a pricetag).