In an ideal world it should. But in reality the demand can rapidly outpace the growth.

https://storymaps.arcgis.com/stories/1c9138dc24064b2e8142ff156345a719

New York added 33,000 homes in 2024 and gave permits for 15,000 new ones but you still see extremely low vacancy rates and high demand outpacing these constructions.

https://comptroller.nyc.gov/reports/spotlight-new-york-citys-housing-supply-challenge/