High valuations are also self fulfilling. Even if zoning is changed now, the price of the land will be very high on the basis of high residential property pric

High valuations are also self fulfilling. Even if zoning is changed now, the price of the land will be very high on the basis of high residential property prices, which leads to higher breakeven price for sale (or rents) of newly constructed properties. It's too late to go back and fill in all those lots at 2000-2010 level prices. Still worth upzoning and fostering new development, but important to recognize bad policy can be compounding