That's just noise as long as construction keeps up with or outpaces demand. The problem is some cities have held back construction for decades, so it will take significant construction to get to the other side of the supply curve.
As a thought experiment, what if you doubled the supply of housing units in Manhattan? Or 10x? 20x? I have a hard time believing housing prices would remain high.
As a thought experiment, what if you doubled the supply of housing units in Manhattan? Or 10x? 20x? I have a hard time believing housing prices would remain high.