Land. You can’t create more land. And neoliberals complain if local government has sufficient power, and the resources, to provide mass transit and build out housing schemes like they did in the past.
You can't create more land, no, but you can build higher on the land you have - unless some NIMBY-driven zoning code stops you.
We have a housing crisis because restrictive zoning codes prevent housing density from rising to meet demand. The market is not being allowed to work properly, and has not been for decades now in many places, so we have accumulated a huge backlog of unmet demand.
You can actually create more land, but we usually just do that for airports. Hong Kong is a great example of building up and up while prices are still sky high. I guess you are just referring to the states though, right?
We have a housing crisis because restrictive zoning codes prevent housing density from rising to meet demand. The market is not being allowed to work properly, and has not been for decades now in many places, so we have accumulated a huge backlog of unmet demand.