I assume the response would be that with policies that allowed for rampant building/sprawl, the market would sort this all out regardless of the population. Ho

I assume the response would be that with policies that allowed for rampant building/sprawl, the market would sort this all out regardless of the population. However, these kinds of price spikes still happen in lots of places that have neither a ton of immigration or constraints on building, so it's not clear to me that either one is really a singular root cause.