That's a great explanation. One other thing that contributes to the equilibrium I think we haven't mentioned here is migration. You mention that as the number o

That's a great explanation. One other thing that contributes to the equilibrium I think we haven't mentioned here is migration. You mention that as the number of accommodations increase, the price of existing residences is shifted down. This is supply. But demand is changing too. And I think that demand to live in the bay area is absolutely huge. As supply increases, I believe that either new people will move in to meet that supply. Or, under-housed current residents of the bay area will level up (ie. move out of a van / garage / attic and into a "real" dwelling). Another thing to mention is that the remaining single family houses will have a different kind of value once they become rarer. Owning one of the final single family houses in San Francisco is the ultimate flex. You still have a backyard; you can still walk to things. So some super-rich person will come knocking and want to buy just as a status symbol or as a way to get the way of life they want but still in the city.