What you're not factoring in is the cost of labor and materials. They are both already quite expensive and when you have a building boom the costs of both will skyrocket. What will happen is you'll end up with cheaply constructed housing made from the worst materials. And that's the good outcome.
The bad outcome is the rich who are looking for alternate investments will buy up all the labor and materials and build construction for themselves and will build rentals. That's the bad outcome.
The awful outcome, and likely outcome is that the labor and materials will be bought by newly formed real estate companies that will build rental property that is ugly and expensive - because they control the market more and more as they merge into 2 super landlord companys.
The bad outcome is the rich who are looking for alternate investments will buy up all the labor and materials and build construction for themselves and will build rentals. That's the bad outcome.
The awful outcome, and likely outcome is that the labor and materials will be bought by newly formed real estate companies that will build rental property that is ugly and expensive - because they control the market more and more as they merge into 2 super landlord companys.