I believe the issue is that <i>development alone</i> isn&#x27;t the biggest factor in city size and housing costs. At least not in an international market. As you bring the costs down, either more people come into town, because the job opportunity is good and the rent is low enough they can make good money, or money flows in from elsewhere until the prices go back up.<p>The Las Vegas example was coupled with a global downturn especially focused on real estate. Also, geographically, Las Vegas has more possibilities for expansion outward than SF, and it doesn&#x27;t have the tech workers bidding up the prices as badly.