You see, when people move into these luxury condos, they’re moving out of slightly less luxury condos, which means the prices of those old condos will obviously fall, causing people in somewhat less luxury condos to move into the slightly less luxury condos, and a game of musical chairs ensues causing a drop in prices to trickle down.
YIMBYs when they say “just build more housing”.
If we just keep building luxury condos eventually the prices will fall!
You see, when people move into these luxury condos, they’re moving out of slightly less luxury condos, which means the prices of those old condos will obviously fall, causing people in somewhat less luxury condos to move into the slightly less luxury condos, and a game of musical chairs ensues causing a drop in prices to trickle down.