What's the Market Failure of the Land Market?

If you had a perfectly functioning market, then it should clear essentially any of this excess increase in the price of land. But there's probably a few things going on here, probably for some politicians. When they see house prices going up, that's good for a lot of their constituents. It's good for, I guess, for them. Other factors you might suggest is there's potential for land banking for some developers. And so it may take time for them to start to want to release this land.