I gather you are asserting that real estate developers are incapable of determining when they are too late to the party and are constructing extra space that wi

I gather you are asserting that real estate developers are incapable of determining when they are too late to the party and are constructing extra space that will never be occupied. Presumably you also believe that government bureaucrats are somehow better able to ascertain exactly when to stop issuing building permits so as to avoid "overbuilt" construction. And of course they will know when to resume issuing building permits also to ensure there are no shortages. How is it that these government bureaucrats are better able to predict demand and arrange for supply than market mechanisms and the free economic choices of individuals? You are making an argument for a planned economy over a free market, for limiting the freedom of individuals to invest as they see fit with their own resources in favor of giving power to government employees to block or to subsidize their favored economic activity. The historical track record for central planning is overwhelmingly negative. I don't understand why people continue to advocate for it.