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> we have to restrict growth to keep costs down

This one always confuses me and cracks me up,classic correlation vs causation thing. Prices aren't going up because of new apartments, new apartments are going up because of rising prices. That people can't understand that drives me crazy.

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I think it's both. Many people want to live in a dense neighborhood (hence urbanization), and if you restrict growth, you make your area unattractive to those people.

Yes, you get less people but the prices go up even more because "restrict growth" is the same as "reduce future supply"

Supply obviously decreases, but my point is that demand decreases so much that prices fall.

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