The building codes are less stringent than they were decades ago, hence the drop in quality of housing compared to those built many decades earlier. It’s never been easier to get a home built. There’s a significant rise in remodeling homes at the moment because those who can afford it are doing it. I know because I do work with architects for these very people.

The hurdle is equity imbalance. The more houses you own, the more you can borrow. The more you own, the more you can rent or put on Airbnb and run as a hotel without having to pay corporate tax.

That and a lack of protection against people who do decide to build because if you get shafted by a builder, there is literally no one, no authority to turn to I’m order to get any deposits back. Much safer to build it yourself but can’t if you’re working to pay off your loans etc.