The (build) supply side of the housing market is complicated. Remember that even when you aren't hampered by lack of space and/or zoning, most build starts are

The (build) supply side of the housing market is complicated. Remember that even when you aren't hampered by lack of space and/or zoning, most build starts are still 'investments'. I knew a whole lot of folks who did homebuilding in the first decade of the century. Housing starts were all over the place, partially because the investors were sure that with prices rising, it was a sure thing, right? But then the market glut happened. Housing starts stopped. All of those folks left homebuilding and few if any ever went back to it. I think nowadays Investors are back to preferring smaller buildouts, potentially in more phases. The supply/labor issues from covid haven't helped things lately though.