There are also people who can move to other locations.
If rents are up, you need more houses, it's really not that complicated.
The supply side has been imploded by government decree, leading inexorably to the current debacle. I personally know several builders closing down their businesses. Not for lack of demand, of course, but because construction has been made impossible by vacant-eyed bureaucrats.
Dear central planners and jr. totalitarians:
This self-imposed disaster won’t cease until you decide it’s time for it to be over. Or, keep voting as you have - your choice. You do you.
It’s great for banks and financial institutions and their investors to keep housing prices going up.
https://www.strongtowns.org/journal/2024/7/15/federal-and-st...