Comments above are correct, I'd also add that NYC and SF are "inducing demand" not by building housing, but by building office space at a rate 8x-12x that they

Comments above are correct, I'd also add that NYC and SF are "inducing demand" not by building housing, but by building office space at a rate 8x-12x that they are building residential dwelling units. Over the past ~10 years, for every home the SF bay has added it has added office space for 8 jobs. Adding housing doesn't create more demand for housiing, adding more offices creates more demand for housinig.