First, IBC has had this as code for at least 15 years.
The International Building Code (IBC) establishes minimum requirements for airborne and impact performance of multifamily buildings. The minimum code requirement is STC 50 and IIC 50. Since many factors can affect the transmission of sound in the field, including non-standardized source and receiver rooms as well as construction tolerances, a field measurement (ASTC or AIIC) of three to five points below the lab measurement is acceptable to meet code requirements.
As the understanding increased of how STC and IIC ratings correlate with occupant comfort, the International Code Council (ICC) issued ICC G2-2010, “Guideline for Acoustics,” which established two additional levels of acoustical performance:
acceptable, defined as STC 55 and IIC 55; and preferred amount of isolation as STC 60 and IIC 60
Second, all the money is most definitely not in the land. As a general ballpark, developers want the land to be under 1/4 of the total cost of the project.
Larger buildings are required to do this under IBC, and have been for many years. You can absolutely make a modern multifamily wood framed building quiet with proper design and construction.
There’s no perfect building material. Wood has issues. But concrete is terrible for the planet from a climate perspective and we’re rapidly running out of quality aggregate (especially sand) in many parts of the world. You can make a list of pros and cons about any other material, too.