I think this is in the very least partially a result of a broken market. Due to regulations and zoning you can barely call development a market. It takes lots of effort and ideally connections to build something. Meanwhile it's largely a seller's market. If we dramatically reduced zoning restrictions we could get much closer to the market doing its work and maybe have some real competition.

For example where I live so malls get built by the same developer. Even if someone wanted I'm sure it would be nigh impossible to get permits etc. to build a competing mall next door and try to drive them out of business like in a real market. I'd love to see real, break neck, free market competition for all projects and no schmoozing with the major.