Many existing housing stock are not up to the modern standard. Also much of the new housing is built on where land is cheap, not where people currently prefer

Many existing housing stock are not up to the modern standard. Also much of the new housing is built on where land is cheap, not where people currently prefer to be. It will take time to see if people actually follow housing supply (unlikely), when all evidence is people move to where housing is unaffordable (or rather unaffordability is a measure of people's desire to live somewhere).