Of course not, but the policies are driven by politics that prevent the market from providing what people want. High housing prices aren't a market failure, they are due to NIMBYism.
In states that have much lower rates of regulation, house prices are still up off the charts, yea, still way lower than California, but they have pushed prices out of reach of the people that live there, so there has to be multiple pieces occurring (for example low interest rates for a very long time).
