I agree there’s missing context.

There’s a few other places that I can think of which have a lot of “new dwellings” built, even without parking, but local rent is unaffected because the type of dwelling is simply undesirable - for either financial reasons (luxury apartments are too much money) or practical (I have 2 kids and can’t live in a 1 bedroom + den - or they’re distant from work, no transit, and there’s no parking) or personal (I have 2 kids and don’t want them to grow up in the pollution etc. of a downtown core).

There is not a simple solution to this problem.