[arcticbull]

All that means is that supply met or exceeded demand, which is the point that I'm making - we are precluding supply from meeting demand via artificial supply constraints.

In their case it was a combination of a declining population and zoning rules. However, the decline AFAIK was concentrated outside urban areas. Tokyo grew from 32.5M to 37.5M between 1990 and 2022 without any increase whatsoever in the real dollar price of housing.