I find it amusing that many folks here are ready to clap back at this comment about how "but people want single family homes" as if that weren't why we are in a housing crisis. Yes... people want single family homes, it's just not feasible to put 3M people into single family homes in a metro area without absorbing an unsustainable amount of costs.
Here we are talking literally the cost of construction, but there is also the cost of infrastructure, and the cost of transport. The reason we have a housing crisis is because as much as we all love single family homes, they aren't universalizable. If everyone were to live in a single family home, then after the transportation infrastructure reaches capacity, there is a cascade of issues that leads a region becoming totally unaffordable and ultimately unsustainable.
I would recommend the Strong Towns organization for anyone more interested in the interaction between long-term affordability issues and surburban infrastructure problems: https://www.strongtowns.org
Here we are talking literally the cost of construction, but there is also the cost of infrastructure, and the cost of transport. The reason we have a housing crisis is because as much as we all love single family homes, they aren't universalizable. If everyone were to live in a single family home, then after the transportation infrastructure reaches capacity, there is a cascade of issues that leads a region becoming totally unaffordable and ultimately unsustainable.
I would recommend the Strong Towns organization for anyone more interested in the interaction between long-term affordability issues and surburban infrastructure problems: https://www.strongtowns.org