By faith he dwelt in the promised land: Abraham did not receive the promised land. Instead, he lived like a foreigner in tents (see Genesis 12:10–13:18).
as did Isaac and Jacob: This faith continued with the next two generations. They received the same promise and trusted God but did not see it fulfilled.
the city with foundations: Abraham did not settle in Canaanite cities. He followed God's will, looking forward to a heavenly city.