Brand new luxury housing stays brand new forever?
Housing that becomes affordable by the time I am dead is not really "affordable" housing for me.
As long as that ratio is less than one, some people are excluded. Price is what that looks like in a market. Under central planning it’s typically lotteries and waiting lists.
Supply/demand balance in the region is much more important than the characteristics of any particular unit, and that’s what pro-growth activism is targeting.
As a thought experiment, what if you doubled the supply of housing units in Manhattan? Or 10x? 20x? I have a hard time believing housing prices would remain high.
Housing isn't like a car. It doesn't depreciate as soon as the first person moves in.