I don't think I buy that without a bit more justification. On an individual case, or when analyzed very locally, there can be wild departures from the aggregate

I don't think I buy that without a bit more justification. On an individual case, or when analyzed very locally, there can be wild departures from the aggregate case, but if housing is rapidly increased compared to demand, in aggregate, how can that not plummet the price of grandma's land for the aggregate grandma?