Not entirely, but either way, land value is tied to all of that. If the city can't grow due to zoning and conservation rules, and if you can't subdivide existing parcels, you basically have more and more money chasing the same lots.

By "not entirely", I mean that while land value often dominates, lowering it doesn't solve the problem, because even if you somehow acquired a city lot for $50k in the Bay Area, you wouldn't be able to build a house on that lot for $100k. So, solving one problem doesn't make it affordable.