@ZachWeinersmith in the UK low rates led to land hoarding not building alas. In theory low rates -> rising prices makes building competitive, but that also increases the price of good sites. If you can afford to buy and build on 1 site… you can instead just buy 5 and wait for their prices to rise. Then you’ve got a strong incentive not to build on any, or sell to anyone who would, as it’d decrease the value of your portfolio.