[dalbasal]

I think you're right and this is an important point. We tend to be pretty parochial in our views, very influenced by our ideas about what is wrong with our local markets.

There are scarce-few examples of things gone right. That's why Tokyo is relevant. That said, Tokyo has experienced relatively little population growth, Japan has experienced none and Japan hasn't had asset inflation and/or big economic growth for a long time. One example is good, but I'd prefer to have several. Preferably one or two in real growth cities.

You are right though. We have plenty of dense-but-still-expensive examples proving that density alone does not guarantee much.