[llampx]

Exactly. People actually argue against increasing housing stock, or building new apartment. They say only new luxury apartments are being built. What do they want, that the builders build old rickety apartments with standards from the 1960s? Any apartment with decent construction is lambasted as being luxury, when a large part of the standards comes from the government itself - they would not give a permit for an apartment to be constructed to 1960 standards in terms of energy efficiency and insulation, windows etc.

When the government is extremely picky about how many permits to give, it is no surprise that only expensive apartments are built first.