Because of how long it takes to build a building, real estate markets almost always overbuild at the top, and underbuild at the bottom (see yesterday's post about the pig in the python). In a theoretically perfect economic model, supply would adapt instantly to changes in demand. But in the real world of development, this adaptation can take 5 to 10 years. At the same time, it's not just about the quantity of real estate being delivered at any given time; it's also a question of what kind of ...