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They're also full. Building up costs more than building out. We've all flown over Vegas. It could continue, without exaggeration, for 50 miles in any direction.San Francisco and urban Honolulu have the highest ratios of prices to construction costs in our data, and these areas permitted little housing between 2000 and 2013.
In our sample, Las Vegas was the biggest builder and it emerged from the crisis with home values far below construction costs.