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You might want to look into how things have played out in Seattle, where there was a recent housing construction boom. The tl;dr is that prices have come down significantly.

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the actual amount renters paid dropped 1.4 percent in the past quarter, or $24 a month.

They have come down, but I wouldn't call 1-2% 'significantly' [1].

[1] https://www.seattletimes.com/business/real-estate/amid-build...

They also never went as high as San Francisco where construction was more restricted. How the amount of residential construction compares to the amount of office construction also matters.

I grew up in Rainier Valley and Beacon Hill. Your tl;dr omits an important point: the city sold development rights to gentrify the area. Poor residents were relocated to outlying areas such as Skyway, which is significantly underdeveloped in term of infrastructure and social services. The housing projects were replaced by "mixed-income" neighborhoods; where a small portion of the homes were reserved for low-income residents and the remainder were sold at market value. The area, once diverse and full of immigrant/refugee communities, is now whiter, richer, and the NIMBY attitude is growing. Prices have come down a little recently, but enough to counter this displacement.

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