Ah, so they did. I'm not sure that excuses their use of Vegas in the sentence I quoted, though. And Middlesex, for example, has plenty of cachet. Does it count as regulation if a lot of the families have been in the area for 200 years and are vehemently opposed to change? Neighborhood associations regulate, but every one is a bit different and I don't really know where those rules come from. Are they saying that demand is low, so supply is lower, so the price falls? I'm confused by those two sentences together. Houses on large lots near downtown aren't expensive? Or don't exist? How do we parse out the fact that money has fled from downtown neighborhoods in many major cities?If land scarcity was the whole story, then we should expect houses on large lots to be extremely expensive in America’s high priced metropolitan areas. Yet typically, the willingness to pay for an extra acre of land is low, even in high cost areas.