Developers Mistake
The structural pattern in real estate cycles where developers act on demand signals that take 2-4 years to translate into delivered supply. Every developer in a metro reads the same rising-rent signals at roughly the same time, all break ground in roughly the same quarter, and the resulting wave of finished product lands together in a market that may look completely different by delivery. The mistake is not bad individual judgment but the structural simultaneity of decisions across the developer cohort. The pattern repeats across every real estate cycle in modern US history.
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