There is something analogous with city center housing in Sweden. For decades not much was built. The population is fairly stable and many were moving to suburbs anyway. Today, not everyone wants a suburban house, and nobody wants to live in '60s concrete "housing project" exclaves, so central apartment prices and rents skyrocket. But now you cannot build the kind of central flats people want any more, because of decades of accumulated regulations about noise, sun angles, parking quotas, etc. The market is dominated by 50-100 year old buildings that predate the regulations and are very popular.