That likely isn't sufficient to absorb the current population growth, let alone make inroads into the demand/supply imbalance that has built up. You probably n

That likely isn't sufficient to absorb the current population growth, let alone make inroads into the demand/supply imbalance that has built up. You probably need 3x that construction to start to have any effect. I don't buy the 'nowhere to put it' argument either. There is tons of ex-industrial land around San Francisco that could be repurposed into high density neighbourhoods. Look at the Canary Wharf development in London for a good example.