Brian Asquith and Evan Mast from the W.E. Upjohn Institute for Employment Research, and Davin Reed from Federal Reserve Bank of Philadelphia authored a white paper that shows, contrary to concerns raised by anti-housing activists, the construction of new buildings actually slows local rental increases rather than initiating or accelerating them. Impressively, the authors demonstrate that new buildings decrease nearby rents by 5 to 7 percent! The mechanism underlying these results is a story as old as time, simply supply and demand. Importantly, if high-income households like a particular neighborhood, preventing the construction of new housing in those neighborhoods does not prevent them from moving there. Instead, it will merely lead them to outbid lower-income households for whatever housing is already available in that neighborhood. This raises rents for everyone and lowers the ability of low-income residents to remain in or move to the area. By contrast, when new housing is built, many high-income households will choose this option instead of a nearby existing unit, reducing rent and out-migration pressures in the area.