No, asset price is built on yield, not on scarcity. That is exactly my point. It's a bit brain-melting, but once you realise it, the talk of NIMBY-ism etc. is

No, asset price is built on yield, not on scarcity. That is exactly my point. It's a bit brain-melting, but once you realise it, the talk of NIMBY-ism etc. is just irrelevant. If you add more assets with a good yield, assuming that yield is better than bonds etc., then those assets will get bought. The only other brake on that is diversity of portfolios, but it doesn't strike me as particularly important, especially if many landlords only own a few properties.