Hmm. I guess that makes sense if you're looking comparatively within an area. I'm talking about an area as a whole; in particularly, I'm thinking of Venice CA a

Hmm. I guess that makes sense if you're looking comparatively within an area. I'm talking about an area as a whole; in particularly, I'm thinking of Venice CA and the DTLA arts district, as two distinct areas. (AFAIK) Venice is pretty much entirely shit house -> excellent house development, with some multi-unit (townhouses). DTLA is shit building -> modern condos / luxury apts. AFAIK in both places a secondary effect of all development is that each area becomes more desirable. I guess, sure, if one stopped becoming more desirable the pull from the other would change demand between the two, but, a) they're not, they're both developing, b) (anecdotally) that's a drop in the bucket compared to the overall demand, and c) they have sufficiently different appeals that the demand isn't coming from the same people.