[u678u]

Japan is a terrible example. It has near-zero immigration. Its population is now falling is the same as it was 30 years ago. In the 80s it had the highest most unaffordable prices in the world.

[arcticbull]

I'm not sure any of that is relevant, especially immigration. All it means is that supply is roughly in line with demand. Nothing more, nothing less. When supply is in line with demand, the cost of housing approaches the cost of construction.

[BirdieNZ]

Tokyo didn't have near-zero immigration for most of the last 70 years. It's a great example.