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Perhaps we should just keep building unaffordable housing until there’s so much of it that it becomes affordable

You're right if supply was corrected all over the region, prices would drop and it would be more affordable.

there's an argument that prices are higher than they would be because of the spillover from the East coast (https://fullstackeconomics.com/the-2000s-housing-bubble-was-...)

This is what happened in big cities in India. There was so much demand and apparently few regulations, so builders just kept building huge apartment complexes which sold for millions of $. Then at some point the demand was satiated and prices didn't increase in the last decade or so as much as they have in Europe and NA + Aus/NZ.

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