you are selling the cool aid of supply and demand yet no one is buying
the only supply and demand that matters is that the tourism market demanded accomodation and greed motivated property investors to supply that demand
in fact, the stock / supply is there.. right now
the property is there.. right now
but property investors have taken that supply and delivered it to a completely separate market.. a market supplying tourists
while at the same time blaming govt for not supplying enough housing
and property investors still supplying the long term market have been jacking rents in the rush to yield and evicting tenants on dubious terms
1. No one forced property investors to switch supply .. that was voluntary yield chasing
2. No one forces a property investor to increase rents that is voluntary yield chasing
So the govt buys the cool aid and rushes to build acres and acres of new homes because they have been told by the 'Real Estate Industry' that there is a supply issue
They build new estates in the where there is no transport no amenity no infrastructure etc etc
while property investors turn the suburbs we used to live in into AIRBNB ghettos
