I’d claim that if a person owns 10 percent they can afford to fill 9 percent of those and push up prices such that it becomes a net gain. It seems as though housing is priced on the edges of supply and demand and that a slight excess of either can shift prices for the future units being bought or rented.

I once spoke with a general manager of a large hotel that explained to me how certain levels of vacancy were targeted for this reason. I feel as though the methodology would be somewhat analogous.

Further, there is statistical modeling for sale that indicates what can be afforded in geographic locations. I’d claim that additional housing would be priced to what’s affordable rather than attempting to outbid the lowest listing as housing is a price-inelastic good.