It takes an awful lot of incentives to knock down a "usable" structure. I'd love to build higher-density right here, right on my lot, but unless I squeeze something in on the same lot, I'm out $150k just to start. $150k covers quite a bit of gas to the lot 2 miles away that's empty.

> It takes an awful lot of incentives to knock down a "usable" structure.

Yes, that’s the point. The policy only really changes things when prices become extreme, and the cost per unit of housing becomes completely detached from the cost of building that same unit.

This is trivially happening in much of San Francisco and New York City.