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You can build more, but there will still be competition for what's there. Look at Manhattan as an example.

I'm not sure it's even possible to overbuild in an area that's not economically depressed. If London had three times the indoor residential area, a very possible case would be that it's still expensive, but that people previously living in small flats end up with larger ones or terraced houses etc.

It's hard to imagine how the poor are ever going to be able to meaningfully compete with people who have (at a minimum) hundreds of thousands of pounds of capital. The bottom tier of worker will be bid to their limit at almost any size of dwelling I would think.

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