Immigration, rent control, zoning laws, excessive permitting process hoops, draconian environmental impact requirements, high taxes, etc.
...bums....
Not to mention there are still waiting lists of suckers that will pay that much.
Gov’t creates the higher prices so they can get higher taxes.
There is plenty of land everywhere but you are not allowed to build the factory or the homes or the shops etc. as that would lower prices and ease traffic and loosen control by the gov’t.