High property values also work, as in Europe. In a relatively small European country, there is just a lot less land supply, so it costs a lot and people tend to build much more densely. By contrast the US is huge and has an enormous amount of vacant land, so land is (relatively) extremely cheap in the US, encouraging low density development.
Finally, the main reason low density is tenable is that zoning laws in the US are in most places specifically set up to discourage high density construction and make it unprofitable.
In the early 20th century, zoning laws were first enacted in the US by the so called "Progressive Movement". They observed that the rich enjoyed spacious country estates while the poor lived in crowded, dense slums, so they decided to "help" the poor live in what they deemed better conditions by making it illegal or difficult to build new high density neighborhoods at all.
More on this topic in the book "Living Downtown," by Paul Groth: http://publishing.cdlib.org/ucpressebooks/view?docId=ft6j49p...
A revenue-neutral switch to land value taxes?
A carbon tax (as long as cars use energy derived from sources covered by a carbon tax, whether that's fossil fuels directly or electricity produced in some share by burning fossil fuels) is a tax on urban sprawl, since urban sprawl forces longer trips and less-fuel-efficient transportation.
P.S: Not saying a carbon tax is the best idea, but urban sprawl (like carbon emissions) have a negative impact on the environment but zero impact on maximizing capital gains. They two must be tied somehow.