Earlier quoted context omitted.
Yes, they are. What do you think "anti-gentrification activism" boils down to, in practice? Build more and drive prices down? Of course not, the activists will conveniently tell you that this makes gentrification worse ! Which totally defies economic logic: there's only so much demand in the world for places like Manhattan!
> Which totally defies economic logic: there's only so much demand in the world for places like Manhattan! How much demand "in the world" to live in Manhattan do you think there is? The more the price drops, of course, the demand will go up. So how much "in the world" at both current prices and also if, say, prices went down by 5%? 10%? 50%? 75%? I think there's enough currently-unmet demand to keep the prices from f…
(But the ghost cities of China actually show how this can go wrong. So, as it turns out, you can only YIMBY so much.)