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Democrats usually answer, "demand." Seattle and SF are attractive places to live and have massive economic engines that create a lot of wealth. Amenities, good climate, proximity to high-paying jobs - and a vibrant history of being culturally engaging and interesting places to live. Of course it's going to be expensive to live there, just like it's expensive to live in the most desirable parts of any country.
And as a real estate guy you should know the answer already: Zoning and regulations.
But some are regulatory - increase the density and make it easier to build, even in the "charming" parts of town, and you'll bring down prices.
Regs are things that are never on the menu. There's always a competing incentive: That sweet, sweet property tax revenue that scales as a function of property value. Therefore, we can't do anything to bring down the cost housing - instead, the answer is to increase density. Never mind that infra built around the turn of the last century often can't handle it.
