Also keep in mind that housing prices in those areas are not forced up by oversupply of capital. Those areas have the highest demand for housing in the world, a

Also keep in mind that housing prices in those areas are not forced up by oversupply of capital. Those areas have the highest demand for housing in the world, and draconian zoning laws that ensure supply will never be able to keep up. The Fed would have to be insane to set interest rates tailored to SF housing prices.