Regulation prevents supply from meeting demand. Developers can't use plots to develop huge apartment blocks, asymptotically decreasing land cost to a fraction. This causes the supply/demand imbalance to increase prices for decades, leading to people to treat it as a financial asset, accruing wealth. This leads to knock-on effects from interest rates because it's a comparable financial asset. I offer you SF and Houston as cities with regulations extremely correlated to housing prices. I welcome your contradictions to that correlation across the spectrum.
What isn't a serious argument is you offering no rebuttal except "Please stop." Your quip about externalities is tangential; externalities should be accounted for a properly functioning market. Nowhere did I make a contrary claim.
