i a bit conventionally take price as evidence of demand. is it possible everybody who wants to live in SF already does, they just happen to be rich enough to bid up price? sure, i guess. it doesn’t strike me as likely. seattle builds, and prices rise. latent demand dominates. 1/

you’ll note i was quoting one of America’s most famously bullish, boosterish housing economists on the unlikelihood of homebuilders building down net home values. if you want a more dour, less bullish view, there is this one. www.thebignewsletter.com/p/its-the-la... /fin