[tellersid]

In the US at least though I believe zoning is the issue.

Our zoning laws are so bad and it is so hard to add to supply that no one really bothers much.

There are all kinds of dislocations in the market because what you should see right now is massive amounts of home building but you do not. 15 minutes away from me there is a ton of open land that could practically be built into a entire new town. I would imagine the larger the project the more bullshit you have to deal with when it comes to permits, zoning, political pushback, palms that need grease.

If you compare the work, risk/reward to alternative investments like just holding the stock market index it becomes a bad investment so it doesn't get made.

We have all these self reinforcing distortions happening in the market that probably can't be fixed.