They also built like crazy a few decades ago (remember the bridge to nowhere?), and they're used to living in sardine cans, so there's likely no shortage. Unlike the canonical example of fucked up city life, San Francisco, where building is impossible.

But I've also looked at what it would cost. Property taxes and interest (even assuming today's low rates) add up quickly. I really don't think real estate valuations make sense, but then I see a bunch of retail space going empty for years, so what do I know.