Of course it's not trivial but it's typically very cost-effective, particularly because much of the (intentionally-prohibitive) costs of residential constructio

Of course it's not trivial but it's typically very cost-effective, particularly because much of the (intentionally-prohibitive) costs of residential construction apply before breaking ground. It obviously depends on appreciation minus conversion cost, but if that figure was negative we wouldn't be talking about this at all. The arguments that you put forth are being used by the cartel to rationalize why there's so little conversion going on. In truth it's mostly because of obstruction.