It all comes back to housing costs. A generation of Americans pushed restrictive zoning policy so they could inflate the price of their biggest asset.
Housing can either be a good investment or affordable, but not both.
Housing can either be a good investment or affordable, but not both.
The percent of Americans living in urban areas has also grown over time.
Together we have more American competing for limited urban real estate.
https://www.researchgate.net/figure/Percent-of-US-Population...