It doesn't in SF, because the problem there is that they can't reasonably build anything. Whether it's a house or an apartment building, it's not really getting

It doesn't in SF, because the problem there is that they can't reasonably build anything. Whether it's a house or an apartment building, it's not really getting built. And building a new house to replace an existing house (which is happening), doesn't increase housing stock. It just makes it newer.