It is like arguing that the exodus from the rust belt in the late 80s and 90s was good for the cities because it made the cost of housing go down.
This is true if we focus entirely on housing cost and basically ignore all the down sides. Of course, ignoring the perspective of those who owned real estate too at that time.
Real estate always has quite a bit of preference falsification associated with it too. Everyone is always publicly outraged at the cost increase of real estate while those who own the increasing real estate are internally quite happy with the situation. I suspect that is the main variable why we can never solve this problem.
This is true if we focus entirely on housing cost and basically ignore all the down sides. Of course, ignoring the perspective of those who owned real estate too at that time.
Real estate always has quite a bit of preference falsification associated with it too. Everyone is always publicly outraged at the cost increase of real estate while those who own the increasing real estate are internally quite happy with the situation. I suspect that is the main variable why we can never solve this problem.