While I don't think it was due to foresight as compared to, say, nimbyism, those parts of the world that are putting the brakes on development may be making the right choice. World population will peak later this century, and it has already peaked locally in many places. Some infrastructure will become a white elephant going forward once the population it was built for declines.

I feel bad for those who are stuck without adequate or inexpensive housing in the meantime, but in the aggregate it may be wise to not overbuild now.

The problem in a place like the US is mostly the distribution of jobs. There are places with abundant housing that also lack for jobs.