Prop 13 is perhaps the biggest reason for the lack of supply. The other reasons you mention (zoning, NIMBYism, etc.) are also big contributors. But tech is wh

Prop 13 is perhaps the biggest reason for the lack of supply. The other reasons you mention (zoning, NIMBYism, etc.) are also big contributors. But tech is where the demand comes from. The median home price in Santa Clara county is almost $1.3M, and ~20% of residents can afford that price. Those are tech workers. Supply has been steadily decreasing for years and years, so I don't see that problem getting solved. Therefore I think we'd need to see a significant drop in the tech industry for prices to slow down.