Not just land, but regulations and building codes are so strict that the base cost of new high density housing is so high that it isn’t economical to offer as l

Not just land, but regulations and building codes are so strict that the base cost of new high density housing is so high that it isn’t economical to offer as lower rent or lower cost than “luxury” without some form of subsidy. So these things need to be built and sold or rented to the relatively wealthy so that 30 years from now they are depreciated enough that they can be offered to lower income groups.