> See [...] for the empirical research refuting that point and agreeing with the basic supply-demand issue

The issue I have with this analysis is where does it end? For example, if you assume most people eventually want to live in a townhome or similar, packing people in like sardines in the name of housing affordability is a kick-the-can solution. The unstated assumption of these researchers is it’s perfectly fine for every major urban area to morph into Hong Kong given a long enough time frame.