Earlier quoted context omitted.
> until public policy shifted towards papering over population decline with mass migration Do you have a source showing price increases correlate with migration? (The article seems to show a timing relationship between zoning and prices.)
You can see it in the Japanese data. Japan is more or less closed to immigrants, is experiencing a (for now) slow population decline, and house prices are plummeting.
Japan also famously builds lots of housing. (Agree they are a good example, though, for measuring these effects.)