Tougher building codes and lower prices are opposing demands. Tougher codes mean it’s more expensive to build or retrofit. Zoning is to land as codes are to structures - tougher zoning = higher prices.
Its possible that tougher buildings codes but with also much less restricted zoning could lead to lower prices. I'm not familiar enough with housing to know how much each affects the current market.
Building takes time, so this would be 2+ year market... but we've gotta start some time since for the last ~50 years 'enough' housing has not been built, there's a lot of unmet demand, which is why the market is so inelastic.