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More Downtown Development

Who first coined the phrase "glut of condos" anyway? Why glut? And not overstock? Or just too much. Glut pops up today in a LA Times' story about the William L. Pereira-designed Crocker-Citizens National Bank building going condo. According to the paper, this latest development marks a shift in downtown:

...this signals something new: The arrival of the residential building boom in the heart of office tower country. Most of the loft and condo development so far has been to the north in the old financial district and to the south in the neighborhood around Staples Center.Cheerleader Carol E. Schatz of the Central City Association talks up the building; Jack Kyser, chief economist for the Los Angeles County Economic Development Corp. worries about that "glut." Bonus treat to whatever reader can tell us glut's origins.
· Landmark may make history all over again [LA Times]
Update: Bookworm gives us the answer in comments.