LOL. I was waiting for someone to confuse an economic crash as an answer to my question. You get a prize for suggesting that the actual Great Depression is an example. Well done!

Obviously, with perfect foresight, few intelligent developers would choose to begin a construction project just before a major economic retraction. But if your suggestion is that we should build now, then wait for economic armageddon to really adjust prices downward, then I guess I can't argue.