No, the core argument is "don't buy SF real estate because interest rates are going up". It's a valid point. Given a certain amount of income, a home buyer ca

No, the core argument is "don't buy SF real estate because interest rates are going up". It's a valid point. Given a certain amount of income, a home buyer can afford a certain monthly payment. If interest rates go up, and prices didn't fall, payments would go up. Since the market can't support higher payments -- people are paying as large a fraction of their income as they can stand to already -- what will happen instead is that prices will have to come down. As for the plot, it's just a log-log plot. Stretch the axes however you like; it's still going to have the same shape.