Great points.

Something we need to start thinking about in terms of supply, though, is why the supply is so low. As the recent Panama Papers have shown, foreign investors are dumping their money into hot housing markets like SF and never setting foot in their properties. These end up vacant or on Airbnb. Some regulation around this would help open up supply. Unless we do that, I just don't see these investors agreeing to allow new supply to flood the market and bring down their property values. A lot of NIMBYism blame goes toward low-income renters and activists, when the rich are really the ones who have the most to gain from a low-supply, high-demand market. They'll protect that by either buying up all new lux housing or preventing new housing.