I'm pretty ignorant about economics, but doesn't this assume perfect competition? For housing that's probably a reach (depending on the location) given the poss

I'm pretty ignorant about economics, but doesn't this assume perfect competition? For housing that's probably a reach (depending on the location) given the possibility of limited supply and near monopoly power of real estate owners in a given area. Maybe other areas can't be considered due to other factors like proximity to work, lack of public transit, etc. It seems hard to guarantee that these kinds of things work out as planned except in optimistic conditions.