What is the definition of "overbuilt," anyway? There is no reason why SF couldn't be built to a high density in the same way that NYC is. You may not like it, and consider it "overbuilt" but there is no issue with the underlying infrastructure that couldn't be solved just like it was with NC.
With some proper incentives though it's doable. Nice parks. Low taxes. Decebt transportation infrastructure. Cheap housing. Good schools.
Hey, Google, what can we do for you to move your Googleplex with 50k employees to out newly built Heaven on Earth, Oklahoma?
Most people prefer some space and privacy, and don't want to live in a skyscraper. They are going to vote accordingly.
The reality is that both SF & London grew organically as port cities. There is no reason new cities can't grow organically around the new reality of people living and working anywhere. Access to airports and major road arteries are the only limitations...