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>any counterpoints that would bring housing prices far lower

Policy changes allowing substantially more construction finally bearing fruit?

We have a long way to go but there has been some significant movement in that direction, particularly in the most expensive housing markets.

> particularly in the most expensive housing markets.

any indications that is outpacing demand?

if supply is less than demand, prices of additional units stay the same or go higher

if supply equals demand, prices of additional units stay the same

if supply is more than demand, prices should go lower or something else is broken like poor transparency and collusion