Oh for sure, and in a densely populated nation that is bound to happen… although hopefully in densely populated first world nations, population growth is stagnated enough to not make this a big problem..
…but in North America where there is still an enormous amount of government owned, non-park land, it’s to some degree about government keeping land scarce and unavailable. Doubly so in Canada. I think it’s BLM (bureau of land management) in the US, and here in Canada, it’s crown land. The government has to do a balancing act there in not crashing the real estate market with an over saturation of cheap land for development, while making enough available to keep home ownership a reasonable aspiration for the middle class.
There are other things at play, of course. Corporations and investors owning a steadily growing percentage of single family residential homes is a problem too, given that they are using them as investment vehicles for rental income on both small and large scale.