You are right ... but there are two things to consider: 1. New buildings are usually aimed towards the higher end of the market. New buildings tend to be more

You are right ... but there are two things to consider: 1. New buildings are usually aimed towards the higher end of the market. New buildings tend to be more expensive, because building loans have to be repaid, so they tend to aim for higher rents/sale prices. If it happens, affordability tends to happen as older buildings lower their rents or just do not raise them as fast as inflation. 2. More supply of housing is usually a good thing regardless of price. Eventually, prices should align with demand. Nobody wants to own an empty apartment that just sits and leaks property taxes. Of course it would be better if builders actually built with view of the price sensitivity of actual potential customers instead of chasing imaginary millionaires, but even this is much better than nothing. As I have said before, the bottom is already falling out of the very high end of the market. This trend will probably continue downmarket.