False. Prices depend on both supply and demand. The real estate developers want to make money and have convinced everybody that their supply-side approach is the right one. Reducing demand would do it just as well, and that would involve population loss. People moving away or dying faster than they arrive or are born.

It's happened before. The population dropped like crazy when people started moving to the burbs in big numbers in the 60s and 70s. Rents dropped. Sale prices dropped. People were picking up whole brownstones for almost nothing.