[dkarl]

NIMBYs actively target this misconception. "New housing is luxury housing."

> eventually the price drops happen on the older, smaller homes at the bottom end of the market

I'd be interested in how long "eventually" takes for single-family homes. I think for rental units it happens very quickly.

[Ekaros]

In such market fixation on inefficient single-family homes is very weird. In desirable and growing markets those might not ever go down. Population in such market should just accept more dense configurations.

[majormajor]

The land value gives a strong floor. And nearby development increases the land value even if it makes the state of the house itself look worse and worse.

[bluGill]

depends, it takes decades and often people remodle their old houst thus bringing up the value.