Who cares is there is overbuilding? All the better for buyers and renters. Its much better than under building.

Since this has turned into a philosophical discussion… 😀

Really depends WHAT is being built. Cheap garbazhe that will fall apart within 5 years and need expensive repairs/raise maintenance to nightmare levels, or good quality housing. The former suits nobody; not buyers, not the environment, not builders who get mired in litigation.

Also, if buyers buy, then the market gets glutted with cheap new-build homes, you end up with a situation much like that in Phoenix. Yeah, prices have recovered a bit there, but they’re still down 40-50% over the peak years.