I’m still not clear that this actually a problem. If they overbuild more expensive housing, isn’t the inevitable result that they’ll have to eventually undersell it? There’s only so many wealthy persons, and no matter how fancy the house is I only have so much money to spend.

So in the long run, I’d expect that developers are really funneling money into the lower class by overbuilding upper class housing, when they eat the losses on their poor planning.

I’m also fairly positive a 30-year old upper middle class home makes for a fairly good starter home