> In cities without a lot of demand pressure on housing, building new housing makes the older housing less attractive. This bit is only situationally true. It

> In cities without a lot of demand pressure on housing, building new housing makes the older housing less attractive. This bit is only situationally true. It's true for infill development: the 2018 condo next door to a 1918 brownstone is likely going to sell for more. But generally "next door" doesn't happen. In fact in most large urban areas, the more central and accessible areas (SF, say) with (by definition) older housing stock are the most expensive. The new construction in Livermore or Concord is where the cheap housing is.