Here is (IME) one of the more common blind spots when discussing housing prices (specifically rents): price fixing by corporate-run algorithmic cartels: https://www.propublica.org/article/yieldstar-rent-increase-r...
> One of the algorithm’s developers told ProPublica that leasing agents had “too much empathy” compared to computer generated pricing.
The article also has multiple anecdotes that run counter to your own. Just because you saw rents drop in response to demand decline doesn't mean this is what happens in practice most of the time.
> For tenants, the system upends the practice of negotiating with apartment building staff. RealPage discourages bargaining with renters and has even recommended that landlords in some cases accept a lower occupancy rate in order to raise rents and make more money.
> Hutchinson, who is an analyst for the police department, wondered if a computer algorithm was behind building staff’s inflexibility. “It was pretty obvious they should have been dropping prices,” she said. “They were digging their heels in.”
Please remember: this isn't some economics game like the price of cars or eggs. Housing is something you need TO LIVE and for which there is NO SUBSTITUTE. Increasing supply will only go so far, as long as your society allows it to be controlled by entities that see is it as a profit maximization game, you will see horrific outcomes.
That is all that matters. Get vacancy rates above 10% and maybe then we’ll talk about dynamic pricing boogiemen.
The more you tax, say, cars, the fewer youll get and vice versa.
The more land is taxed, the more becomes available and vice versa.
Land isnt taxed and the main proxy for land tax (property taxes) are at historic lows.