As documented in
The Maze of Urban Housing Markets, Rothenberg et al.,
the housing market is not unified, but segmented,
and subject to "cross-price elasticity of demand".
Why Voters Haven’t Been Buying the Case for Building,
Shelterforce
§ The Housing Market is Segmented
"Very high demand at the low end of the market
is being met with more supply at the high end,
an imbalance that will only contribute to growing affordability concerns for all renters."
- Chief Economist Dr. Svenja Gudell
Rents Rising Fastest Among Low-End Apartments,
Zillow
"… as the real estate industry and politicians champion trickle-down housing policy,
developers end up tearing down affordable housing…
to build luxury housing…
The L.A. Times found that
more than 20,000 rent-controlled units have been taken off the market that way. "
Trickle-Down Housing is a Failure. Here’s What You Need to Know.,
Housing Is a Human Right
"A new study of zoning changes in Chicago finds that [upzoning] led to higher, not lower,
local home prices, while having no discernible impact on local housing supply."
Does Upzoning Boost the Housing Supply and Lower Prices? Maybe Not.,
Bloomberg
"The amount of energy needed to refute bullshit
is an order of magnitude bigger than that needed to produce it."
Brandolini's law,
Wikipedia