Last time I checked, the bay are was mostly single-storey homes. You could probably house 10 times as much people on the same land if you bought 6 storey apart

Last time I checked, the bay are was mostly single-storey homes. You could probably house 10 times as much people on the same land if you bought 6 storey apartment blocks. Land is finite, but upzoning it still reduces the cost of a square meter of floor space. I agree with you that the value of real estate is : building + land. While the building deprecates, the value of the land is going up. But this can at least be dampened by upzoning and by taxing land value.