If New York could similarly encourage speedier housing construction and replacement, as well as effectively building a similarly expansive and reliable transit network, they could achieve the exact same results as Tokyo. (Note: Even though Japan has had periods of economic stagnation and low birth rates, Tokyo itself has consistently grown in population with few exceptions as Japan has become more urbanized.)

If the suburbs are so great for housing supply, why do suburban Boston/San Jose/Austin/Denver homes cost so much? Why are Chicago's most prestigious zip codes more affordable than living an hour outside of San Francisco?

The truth is that the places with high housing prices don't have high prices based on whether they're suburban, rural, or urban, they have high prices when demand exceeds supply. It's that simple.