NIMBYism. The incentive is definitely there but the issue is that existing landowners don’t want any more buildings. After all - more supply while keeping demand fixed hurts their profitability.
You need eminent domain from the government to fix this. At this point - it’s complete class warfare and landowners are fucking over many generations.
There are plenty of landowners that want to build. The issue is that NIMBYs have largely captured the city government and zoning restrictions have made new building mostly illegal. We jut need a government that legalizes new construction.
You need eminent domain from the government to fix this. At this point - it’s complete class warfare and landowners are fucking over many generations.