Which of the following might be an example of a positive feedback in the real estate system?

Select one:

a. Since the stock of built space cannot readily shrink, rents will fall when demand falls.

b. Increased interest rates lead to increased rents and ultimately higher property prices.

c. Lower rents affect landlord space market confidence leading to discounting that causes rent to fall further.

d. Lenders make money by issuing loans, so they tend to keep the capital flowing to developers even during down markets.

e. Growth in space usage demand stimulates increased rents or improved prospects for future rents, which increases the present value of real estate assets, which improves the profitability of new development projects.