Nah, 2d space is finite. If you flood an “island” (desirable location) with demand then prices can only go up. We are building skyscrapers in manhattan for over a century so what? Rent is still $5k and $1000 per sq ft to buy.
It doesn't matter if you build skyscrapers for over a century if you don't build enough of them. The only places in the country where rent is actually going down is where housing is actually being built in any significant numbers. Austin builds more homes in a week than San Fransisco does in an entire year.
Rent is 5k because the supply isn't meeting the amount of demand.
