No that is not correct. There have been major supply increases but taxing, zoning and investment optimization strategies by developers (which is what any of us would do so the problem is not with the developers per se) have led to the design of condos as units of investment rather than as places to live. This is part of a larger trend to housing as an asset class for international investors. The unit of the asset becomes driven by investment markets rather than by the needs of the people who have to live in the place.