So there is a large supply of high density housing? If housing prices are going up and higher density housing isn't going up then you have regulation blocking

So there is a large supply of high density housing? If housing prices are going up and higher density housing isn't going up then you have regulation blocking it. After all if people are willing to pay a $2,000 mortgage for a home you can put 4 apartments in that space and trivially get $1,000 rent for each. Note that doesn't scale down much and so lower cost of living places not going high density makes sense. In either case a normal sized house in Southern California isn't worth over a million dollars because of material costs and only indirectly due to regulation. The core reason is always demand outstrips supply. OP is saying "you can't have a balance if you restrict the supply".