Re @AaronPeskin's claim that SF has 60k housing units "in the pipeline"--Only 6275 are under construction. 41K are entitled but many will not be built (the Tenderloin alone has 6 long entitled projects with no construction in sight). @SFHAC, @SFyimby, http://goo.gl/fJkrT6
A lot of those are the big projects on Treasure Island and in Hunters Point that will take several decades to finish. Also if something is entitled under a certain set of cost assumptions, and construction costs go up, making it unprofitable to do, the developer won't build.
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(One of the reasons I pushed for a "use-it-or-lose-it" clause in our Inclusionary negotiations...)
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