people don't buy "housing." They buy views, they buy location, they buy neighborhood character. There are perfectly good houses in Nebraska---yet people aren't swarming to Nebraska. It's not because there's anything wrong with the housing.

Yes but it also has a pretty long lead time so continued mass immigration always drives up the price. It's true of most hard infrastructure.

Housing (in a given area) is a finite resource and not building more housing (in a given area) is a choice.