> Market forces shut down development if housing prices drop
There's a huge gap there where building housing would still be entirely profitable, if only we didn't have the self-inflicted wound of the permitting and zoning process in most major US being extremely slow and expensive.
For example, new row houses are explicitly or implicitly illegal in many cities (and thus all the old ones are extremely expensive), despite being both immensely popular for urban families and cheap to build in bulk.
There's a huge gap there where building housing would still be entirely profitable, if only we didn't have the self-inflicted wound of the permitting and zoning process in most major US being extremely slow and expensive.
For example, new row houses are explicitly or implicitly illegal in many cities (and thus all the old ones are extremely expensive), despite being both immensely popular for urban families and cheap to build in bulk.