In Seattle, never, but population (or demand for you 101-types) has been growing the whole time, so you wouldn’t expect prices to necessarily drop as you build more housing (supply, how fun!)
Do I have examples elsewhere, then, where there were more buildings than people wanted, causing prices/rents to drop? How about Detroit? Or Fukushima, Japan? Or Barkerville, British Columbia? How about everywhere with high residential rental vacancy rates?
I did not read far enough before responding to @24 because if I had made it to @28 I would have just shaken my head and decided it inappropriate to argue with you.
To your meta-point about capitalism’s inherent inequality... would I prefer to live in a Star Trek: The Next Generation episode where everything is free and all citizens participate & contribute as they see best? Sure. But I see no evidence that, in today’s world with today’s constrained resources, anything but capitalism can incentivize innovation and reward productivity in a way that will make that Star Trek future a reality someday.
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