Hong Kong has very difficult topography: lots of islands, bays and steep hills. Much of the land is not really habitable, and the government builds very dense,

Hong Kong has very difficult topography: lots of islands, bays and steep hills. Much of the land is not really habitable, and the government builds very dense, very tall (unfathomably so by US standards) public housing on much of what is. This is not to say that HK doesn't have a housing supply side problem, because it definitely does, but it's not just the government squatting of vast tracts of flat land.