The cost of urban development has a lot more to do with regulation and limits on building rights than with income inequality. Zoning rules, permitting, height caps, and other constraints keep supply artificially low, which pushes developers toward higher-end units because the fixed costs are so high. If cities simply allowed more building by right, supply would go up and prices would come down. Things like limiting long-term vacancies can help deal with speculative ownership, but none of this is primarily an inequality problem.

RE Valve: using revenue per employee isn’t a meaningful way to tie this to inequality. High revenue/employee in a software distribution business just reflects scale. Developers use Valve because it gives them access to a big market, not because Valve is “extracting” in some zero-sum way. If Valve disappeared tomorrow, the distribution market would become less efficient, not more equal, and consumers or developers wouldn’t actually be better off.