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The result of numbers like this is that people will make very rational decisions that are not great for society. E.g. you might decide not to move for a job where you can have much more impact simply because you're worried about missing out on so much money in home appreciation.
I don't think that's the harm. Economics studies show home price depreciation (underwater mortgages) is what lowers mobility. The harm is that the high prices come from supply restrictions which artificially limit how many could live here.
This overlooks the impact of high demand caused by: - tech growth that’s largely unchecked; commercial office space keeps getting approved - influx of foreign buyers (lots of cash buys)
Econ 101: high demand does not increase price if supply can adjust to match. You just get an increase in quantity instead of price. It's only when supply can't increase easily ("inelastic") that demand translates into higher price instead of higher quantity.
Tech, foriegn investment and induced demand mean any plan to build our way out with market rate housing is at best naive...
Remember production is at record levels alreadg in SF.
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