Based on my personal observations, most of the local zoning restrictions in the US come from conservative local residents, and not a cabal of developers. The latter want to build.

And I am using the word conservative in the non-political sense here - opposed to change. The individual motivations are many, but ultimately, a lot of people tend to avoid change around where they live.

In large cities, housing is now being built specifically for rent, and there are many early sales opportunities available exclusively to companies. In certain cities of Ireland, it is common for a new block of apartments to be sold out within the first hour. You get in a queue to visit on the first day and you don't even have a chance.