I do not think NYC is a great example as it is also supply constrained due to zoning. NYC is rezoning to allow more supply, unlike SF, due to its density friend

I do not think NYC is a great example as it is also supply constrained due to zoning. NYC is rezoning to allow more supply, unlike SF, due to its density friendly culture. As a bay area resident I look around and I see incredibly low density in SF, and most other bay area municipalities are extended suburbs. We do not have to build NYC density to meet supply as building Paris-style 5-6 story buildings on a subset of the properties would largely meet the demand.