> That's exactly the opposite of how supply, demand, and prices are related. Just add in a dash of human behavioral economics. There's a pretty strong narrati

> That's exactly the opposite of how supply, demand, and prices are related. Just add in a dash of human behavioral economics. There's a pretty strong narrative that the process of buying in the Bay Area is intense and demoralizing. There's only one winner in each of these bidding wars and many losers. At some point the losers may get fed up and stop looking. They'll also tell their friends and family how awful it was to look for a place. Note, this is all speculation on my part. I am nowhere near an Economist just someone living in this depressing home/rental market.