>>> there's a huge amount of available land to develop in either direction
You are missing the point. Its not how much land there is, or there isn't. Its what regulations will prevent you from building anything.
Contrast what's happened in the last 2 decades in Austin, TX vs Boise, ID for example. Both cities with huge amounts of land available. Both cities attracted major migration. Yet, only one of the 2 has very little building code preventing things from being built. Boise rents for a single family house (2 bed 2 bath) went from $500 per month in 1995 to ~$3100 in 2022, for example.
You are missing the point. Its not how much land there is, or there isn't. Its what regulations will prevent you from building anything.
Contrast what's happened in the last 2 decades in Austin, TX vs Boise, ID for example. Both cities with huge amounts of land available. Both cities attracted major migration. Yet, only one of the 2 has very little building code preventing things from being built. Boise rents for a single family house (2 bed 2 bath) went from $500 per month in 1995 to ~$3100 in 2022, for example.