There's a lot to unpack with just that. Decades of aggressive downzoning and increasing regulatory hurdles to make building more difficult & costly, is not a natural reason (even if it is the status quo). Just as an analogy, that would be kind of like saying the tens of thousands of automobile deaths per year in the US are deaths from natural causes, since it's a status quo that we don't even blink twice at anymore.
You're arguing that your lifestyle has not increased just because your home value increased. It definitely has, basically by definition, now you live in a more expensive house and more desireable location. If we were to itemize the additional value you're getting, the big line item is the cost of keeping other people out of the neighborhood and keeping the density low. 30 years ago that was pretty cheap, now that is an extreme luxury that you are getting. Not to mention other tangible benefits, like access to home equity credit or the ability to sell and move to a much bigger or fancier house almost anywhere else in the country. Just because you aren't going to exercise your ability to do that doesn't mean you aren't getting the value from having that flexibility.
This seems to really get at one of the most fundamental things driving NIMBYism, that people's expectation is if they buy a house they have also bought the right to freeze time in their immediate vicinity and remove themselves from the continually evolving outside world. So if they don't perceive that their lifestyle has doubled in value, they're free to just decide that it hasn't and carry on living and paying property tax as if it hasn't.