Absolutely, land estate prices are totally insane in the more gentrified areas. The building itself is nearly irrelevant, see Vancouver rare land plots for measure... or most of the UK. What is in dire need is a fundamental legislation change, where the entirety of the real estate is no longer a market open to speculation, but a fundamental right of the individual and is well proportioned to any income range within a very reasonable 2:1 ratio and this even if it means depricing the already bought properties and cutting corporations out of the building business and of course limiting the amount of houses in possession to a single individual to maybe 2 and eliminate speculators/investors completely.