Oftentimes the 5 floor limit is for timber framed walls. In the United States this is due to fire codes and the ability to evacuate buildings. You'll often see two stories of cement construction for stores and parking with 4 or 5 stories of apartments above, or just 5 stories of apartments alone. Larger buildings are possible, they just don't have the return on investment.
There are some interesting articles on the design choice, but it's a bit sad that we've gelled on this design.
Every era has its “standard” models of construction that people complained about then, and now today people eye watering sums for “historical character.”
The thing that sucks about the current model is that everybody seems to be making retail spaces designed for chain tenants which small businesses don’t need and can’t afford.
There are some interesting articles on the design choice, but it's a bit sad that we've gelled on this design.