Building more houses didn't bring lower prices.
Here's what happened in Ireland.
IRELAND: Housebuilding quadrupled, AND SO DID PRICES!Supply and demand. You can’t buck the market. So increasing supply is always a good way to hold down prices in the market, isn’t it?
So why won’t the call to “build more houses”, even if heeded, result in more affordable homes? Because the housing market is not normal. It needs fixing, but Government has no real intention of bringing down house-prices. Maybe saying ‘building more homes will fix it’ is a dodge to avoid mentioning the real solution.
That seemed to be the idea behind the latest Government Paper on Fixing Our Broken Housing Market.