I appreciate the data here, but this is a pretty weak argument. It’s not clear how an extra year of ownership between sales would cause home prices to skyrocke

I appreciate the data here, but this is a pretty weak argument. It’s not clear how an extra year of ownership between sales would cause home prices to skyrocket, especially compared with the dramatic imbalance between new development and in-migration to California’s urban centers! SF, for example, built 24k new units since 2010, but added 83k new people. I’m willing to bet that more than 83k people would’ve moved in had SF built more housing!