> a function of what builders consider profitable and what legislation allows
Change legislation (qua zoning, qua regs) and you increase the rate of builds, which should adequately meet current demand. Of course, the laws of physics are in play - if the immigration rate is high, thereby perpetually increasing demand, you still won't build fast enough.
This is what YIMBYs have to remember about Japan, which they frequently cite. The population doesn't grow much. Can't have it both ways: build, or reduce immigration.
Change legislation (qua zoning, qua regs) and you increase the rate of builds, which should adequately meet current demand. Of course, the laws of physics are in play - if the immigration rate is high, thereby perpetually increasing demand, you still won't build fast enough.
This is what YIMBYs have to remember about Japan, which they frequently cite. The population doesn't grow much. Can't have it both ways: build, or reduce immigration.