The number of people who want to move in to live and work in the Bay Area so vastly exceeds the supply of new housing that it is like a Sotheby’s auction where

The number of people who want to move in to live and work in the Bay Area so vastly exceeds the supply of new housing that it is like a Sotheby’s auction where only the richest can win. This is reinforced by the fact that it takes so long to get permission to build anything that you can only make money by developing super luxury property. In a well-functioning city you can make money building anything from mid-market up. Affordable housing is the stuff that was mid market 10-20 years ago, or luxury 20-40 years ago. If you want to see this in the real world, just look at the market for cars. More here: https://www.sightline.org/2017/09/21/yes-you-can-build-your-way-to-affordable-housing/ https://www.sightline.org/2017/09/21/yes-you-can-build-your-...