What you're missing here is that the market delivers rent to the holders of a natural resource (land) far in excess to its marginal product-- which is to say ec

What you're missing here is that the market delivers rent to the holders of a natural resource (land) far in excess to its marginal product-- which is to say economic rent. Landowners in the Bay Area are rentiers, and unless we enact policy to reverse this, we'll never have a competitive market in housing.