[wernercd]

It doesn't take supply away... but it does add overhead and middle men - which increases costs. Those investors need returns on their investments - whether you agree with capitalism or not.

"more supply" which is why I included places like CA that have had DECADES of shortages because of regulation, corruption, NIMBY, etc.

When you add the need for "more supply" to the need for investors to recoup costs, increased costs to build (IE: More safety features, solar requirements, etc), increased interest rates, etc?

It's easy to say supply and it's easy to say "towns used to pop up"... it's harder to admit that there's only so much space and those easy to pop-up areas are becoming fewer because there's fewer places to put up "towns" out of nowhere.