Anyone remember when the giant “new” BU dorms went in? Anyone?

After hearing nothing but how “the students” were ruining the neighborhood, thousands of them were gone. Into the dorms. Rents in Allston and Brighton held steady, or even fell. Suddenly all of the news coverage switched from “wild house party ruins everything” to “how is this poor mom’n’pop landlord going to be able to pay off the mortgage (on their investment rental property)?” The sky was falling.

Too tired/late to look up citations, but if you build a ton of housing that existing residents move into, it depresses the prices of the vacated housing.