alt Hacker News2-3% is a margin of error compared to 20-40+% y/o/y growth. That means the influx ceased, some left, some had babies. Meanwhile housing was built.
Of course rents will crash if everyone anticipates 20-40% growth and it’s suddenly 0 . Let’s see in a few years if the pricing trend continues downward or upward.
If it’s downward, yes we’ve solved the rent problem by “building”. If it’s upward, as it has been, it’s not just about supply .
> Let’s see in a few years if the pricing trend continues downward or upward
This was the argument of the tobacco companies in the 1980s. This experiment has been run many, many times and only had one outcome. Overwhelming housing markets with a supply influx absolutely works. It cuts against ideology, however, so you’ll always have folks who want to wait for more data while properties appreciate.