No it's not. It's 2 cherry picked data points with a sample size of 1 of a complex system with multiple confounding factors such as a pandemic
You can look at other neighborhoods such as palms in Los Angeles, which has the most aggressive housing build out in all of California. Median rent has increased - sometimes more housing can create more demand
Did rents in Palms go up because they built housing or because it's a great location in a city with increasing rent almost everywhere?
Or in other words, is there any econometric evidence that building housing increased rents in Palms, or could we be confusing correlation with causation?
Exactly. You can't just look at two data points in a system with hundreds of confounding variables, many of them unquantifiable and say "aha! This simple linear equation of supply and demand, that they teach in middle school, is correct!"
You can look at other neighborhoods such as palms in Los Angeles, which has the most aggressive housing build out in all of California. Median rent has increased - sometimes more housing can create more demand