It's certainly fair to think that there's some backlog of people who would move in if prices reach some price threshold, which could be considered resistance ag

It's certainly fair to think that there's some backlog of people who would move in if prices reach some price threshold, which could be considered resistance against the price falling lower than that threshold. But in the case that you dont build units, you're still going to get some of that urbanization by those who can afford it (or are willing to struggle to survive in the city), and this will drive up prices even further.