The part about land not getting enough is prima facie false - housing prices in SF are out of control. But even in the '90s tech boom in Texas, many were using

The part about land not getting enough is prima facie false - housing prices in SF are out of control. But even in the '90s tech boom in Texas, many were using equity in tech companies as leverage to buy and develop land. This in a place with more affordable housing and no water bounding it. What passes for capital in SF is also not necessarily easily understood as capital without extending the concept quite a bit. It's closer to speculation in early phase equities, which is about the ... third derivative of actual capital. Unlike a building full of machines that add great creative value but are hard to move, this brand of capital is many orders of magnitude more ephemeral.