> The Bay Area has plenty of room for more housing. [...] If housing regulations were relaxed, developers would make room for millions of new residents, creatin

> The Bay Area has plenty of room for more housing. [...] If housing regulations were relaxed, developers would make room for millions of new residents, creating thousands of construction jobs in the process. That would alleviate the severe housing shortage currently plaguing the city. Most people who bought houses in these cities while working wanted to sell up for as high a price as possible to retire in some cheap housing somewhere where they don't need to be close to a job. So they vote for city and county governments that restrict new housing permits. Reduce the supply of product to make the prices go up. Those buying houses in smaller countries like Australia and New Zealand have had the complementary process available to them: boost the demand. They voted for the national governments that let in the most immigrants. That's why the housing industry didn't collapse in Australia/NZ around 2008 like it did in many US cities. They vote for the city governments that restrict new housing, and for the national governments that let in the most immigrants. Reduce the supply and boost the demand to make the sale price on workers main asset go up quickly. They sell up, pay back the bank, and retire to some beach in rural Queensland.