This is not completely true, as the cost to build high rise condos is extremely high and the land is very expensive. Every place in the USA that has kept housing affordable has done so with sprawl, which California's government doesn't allow.
The land is very expensive, shouldn't that be good enough of a reason to build high rises? It works in NYC and most of Europe, the only reason there are few high rises in SF is because of the government that prefers artificial scarcity.
Building sky scrapers is way more expensive than building single family homes on empty grassland, where the land is also cheaper. Of course the city should build up, but building out is the real way every US city has kept housing affordable (look at the study I linked above)
Luckily, earthquake-resistant structures have come a long way since then. For example, Tokyo is home to the second-tallest structure in the world, and they're not exactly unfamiliar with earthquakes
You can see a detailed study of it here: https://www.buildzoom.com/blog/cities-expansion-slowing