>>211811714
Cali had the exact same "environmental regulation" in the early 2000s when it built a lot more
What has changed is the financing, not the regulations. Land became more expensive as California is a lot more restricted by the geography. It is finance not regulations

On top of that the demand side has decreased too. You need much higher credit score to quality for a mortgage these days. You basically cannot get a long term loan below 750 these days