It's not necessarily increasing supply though. When my neighborhood got new fancy apartments, surrounding apartments were converted to please the same price ins

It's not necessarily increasing supply though. When my neighborhood got new fancy apartments, surrounding apartments were converted to please the same price insensitive tenants that apparently wanted to afford 4k+ living alone. There are far less total tenants now. Rooms are twice as big, in some cases apartments are twice as big, halving the number of units. These people probably would have stayed outside of the downtown if large units weren't created.