Because space in desirable areas is finite? Because the creation of that proximate supply does reduce the desirability of those areas, not merely in terms of the upper class but the middle and--eventually, given a far enough point on the curve--the lower classes too? Because ruining things for everyone because of the investor class is antithetical to a humane society?
(Which is to say that there is absolutely an argument for increased supply, but rather that the interests of the REIT-helming class are not congruent with the interests of the people who live there, and thus can either come congruent or be ignored.)
(Which is to say that there is absolutely an argument for increased supply, but rather that the interests of the REIT-helming class are not congruent with the interests of the people who live there, and thus can either come congruent or be ignored.)