Again, absolute BS. No better example of this than LA. The type of new housing being built is small condos. Previously affordable housing is becoming unaffordable. That's not because of new units, that's because of a shortage.

Crappy little homes all over the city spiral up in price. Meanwhile a small number of apartments and condos are built downtown, and people publish fake studies about how there are vacancies, and the studies have to be retracted within days.

Everybody focuses on the new as if that's causing the problem, rather than seeing that there's massive massive overcrowding everywhere, lower income people are commuting massive distances, and what used to be working class neighborhoods have homes selling at prices that require household incomes of more than $500k/year.

The problem is a massive shortage. (And massive corruption in the permitting process, how many LA pols are facing felonies now because of denying housing so that they can take bribes to let a few things through?)