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More houses than jobs , the projects/jobs aren't definite and even if they were, on completion the vast majority of the workers will be laid off. What happens to other cities when they have overbuilt housing and then large numbers of their population leaves?

How so? Are there suddenly a pile of new major projects and associated construction workers arriving I haven't heard about? And when the thousands of construction workers leave and only a handful of ancillary staff remain, what are the long term prospects then?