There is a limit, true, but that limit is 60 story high-rises. I doubt foreign demand would hold up very long if we built a few of those, but in any case, the union construction jobs, the aggregate demand, the development fees, and the letup in competition for ordinary housing would all be welcome.

It is an interesting problem, since the construction of said high-rise buildings would itself affect the value of property in the area for many reasons (beyond just the increase in the supply).