The excessive regulations are restrictive zoning. There's plenty of land to build in LA and San Francisco but too many nimbys who keep things from not changing.

The excessive regulations are restrictive zoning. There's plenty of land to build in LA and San Francisco but too many nimbys who keep things from not changing. It doesn't help that an unprecedented amount of immigrants, mostly illegal, have been let into the country to suppress wages. That puts upward pressure on house stock.