In this thread I've seen you come to two separate conclusions that I think are somewhat conflicting so I am curious on your opinion.
The first, is that Disney is smart enough to provide artificial scarcity of their luxury hotels to drive prices up, and have minimum non-occupancy. I think your rationale for this is sound. They could build more rooms and yet they have decreased the number. They sell them for higher amounts than more luxurious, albeit off-property rooms.
Your second point, and a major one in this thread, is that Disney is adding too many points/building too many DVC resorts in a short time frame and that it will drive down prices. You focus on resale prices being driven down, but I think its safe to say that if supply exceeds demand, prices in general would be driven down, or units won't sell.
So, while I don't think the business folks at Disney are infallible, what makes you think that they are smart enough to have a long term plan of hotel price manipulation, but not smart enough to know what the saturation point is for DVC? If they thought that they were close to the saturation point, why not just ROFR and resell points rather than build new resorts?
Because they are 2 different avenues of profit, designed to operate in different ways.
Similarly, they have tightly controlled the deluxe hotel space, to keep occupancy high at very high prices -- But they have expanded value resorts, to give an avenue to capture large numbers of lower budget guests.
High occupancy rates at high room rates drives up per guest spending on a continuing basis.
DVC is about pocketing a whole bunch of revenue at once, up front.
If Disney has to cut their hotel rates, their per guest revenues go down immediately. If they cut DVC prices, by a few dollars, it doesn't really affect their per guest spending (which is spread over 50 years for a DVC buyer). Conversely, if they stop selling DVC, it is a major hit to their revenue.
In other words....... They are taking fresh revenue off their hotel rooms every single day. If they stop building deluxe hotel rooms (which they have), their existing rooms keep generating hotel revenue. DVC only generates direct revenue once -- when it is sold.
Also importantly, while there is a relationship between the direct and re-sale market, they are really very different markets, and they will grow even more different in time as resale restrictions grow more pervasive.
But I do believe DVC will offer more generous incentives, not raise prices as steeply as in the past.
But regular hotel bookings is about maximizing revenue per guest. DVC is about maximizing total sales. Two very different revenue streams for Disney.