While the elastic supply of land could temper property price appreciation in boom, its impact in bust is ambiguous. In the literature, three possibilities were proposed and identified: no effect, a mitigation effect (prices drop less given more elastic supply), and an uncertain effect. Since empirical studies were mainly based on intercity analyses in the US, the mixed results could be due to the violation of the assumption that all cities receive the same national demand shock. This paper aims to clarify the effect of supply elasticity from a within-city analysis in Hong Kong, where all neighborhoods were hit equally by the Asian Financial Crisis in 1997 – property values slumped almost 70% in 6 years. The results of OLS and spatial panel models consistently suggest that supply elasticity determines the relative price changes in boom, but it has no effect in bust. This asymmetry is in line with the model of a “kinked supply curve” (Glaeser & Gyourko, 2005), which suggests that supply can be perfectly inelastic in bust, making relative price change orthogonal to land availability.