> Eventually people will be fed up with the situation and they'll vote for a government that'll allow more development, at which point housing prices will plumm

> Eventually people will be fed up with the situation and they'll vote for a government that'll allow more development, at which point housing prices will plummet. Clearly you don't live in CA. Homeowners vote more than renters, and they will never intentionally vote for policies that will put them underwater on their own mortgages.