Trickle-down was that if the rich have more money, plenty will spill over to the poor. It fails because people who have more money will tend to keep it. With h

Trickle-down was that if the rich have more money, plenty will spill over to the poor. It fails because people who have more money will tend to keep it. With housing, there's a very low ceiling on consumption. Almost nobody lives in two apartments just because they can afford to. So without sufficient supply, you get people who say "I had to buy an ugly, somewhat distressed property in order to enter the market".