I've seen this argument touted frequently in housing related threads and it always confuses me. Housing prices have soared over the majority of the developed world - dozens of countries[1]. Is NYMBYism and prop13 driving the housing crisis in Luxembourg? Chile? Estonia? Do you think the entire world property market, taxation and legislation is structured exactly like in the California bay area?
The whole "just zone more high rises" argument is so obviously reductive, I can't help but think it's pushed primarily by property developers and speculators.
Housing prices continuously rising to slurp up any marginal income has been studied by economists for a couple of centuries (rent extraction), and taxation solutions such as a Land Value Tax were suggested by Adam Smith himself.
Housing prices continuously rising to slurp up any marginal income has been studied by economists for a couple of centuries (rent extraction), and taxation solutions such as a Land Value Tax were suggested by Adam Smith himself.
https://blogs.imf.org/2021/10/18/housing-prices-continue-to-...