@BenRossTransit @matthewstoller i don’t think it’s accurate that everywhere the market is competitive for -plexes. technically, it should be. but every jurisdiction has procedural quirks (besides zoning) that serve as barriers to entry. small firms have to be specialists. i’m glad newer DC builders are competing on quality. any new construction restrains price growth, a bit, over time. but are builders competing for share at the expense of price? might they bid down margins? i doubt it.

@BenRossTransit @matthewstoller ( if you are feeling quite masochistic, i’ve recently penned by most exhaustive take on these issues https://drafts.interfluidity.com/2024/06/13/yimboree/index.html )