Because people don't think rationally about hosing. Everyone says "the solution to expensive housing is to build more housing. Supply vs demand". That's not a

Because people don't think rationally about hosing. Everyone says "the solution to expensive housing is to build more housing. Supply vs demand". That's not accurate, it never has been. But if you believe that (as most people do), then you must also believe that building a 15 floor tower will lower land value (since it is "more supply" so demand and prices must drop because of it). Belief in one, implies the other. -- In truth, a 15 floor tower would raise land value, for itself and properties around it. But that also means that "simply building more housing" won't actually make housing affordable. Because the new 15 floor tower and the single family home next door will both be worth more afterwards, making both less affordable. Repeat that process a thousand times, and you have the US housing market. Lots of beautiful places getting built (and they should get built, because we need that new housing). But almost no one can afford to live in any of the new housing, and old housing never really gets cheaper, so "affordable housing" is this huge issue, despite new construction happening in every city nationwide.