Demographia's 2016 report singles out land regulation for housing unaffordability. Japan: Made of ticky tacky "The largest losses in housing affordability have been in markets with more restrictive land use policies..." "In the worst cases, urban containment metropolitan areas become investors markets, attracting buyers principally interested in housing for the extraordinary short term profits typical of distorted markets in which demand substantially exceeds supply …" 'Land use policies' is vague, but I think they mean urban containment, or anti-sprawl policies that limit the release of land. Perhaps they'd be better off targeting different regulation.
I try to write something smart twice a month.