[pcwalton]

> Simply pointing out that other cities have a higher rate doesn't affect the criticism.

Sure it does. Houston has a higher vacancy rate, and much more affordable housing than San Francisco. This strongly suggests that the vacancy rate is a red herring.

[lrajlich]

Yea, exactly. Housing price increases and low vacancy rates "should" be correlated (eg, not enough supply in the market) and in fact are, which the original article's argument completely ignores and instead implies that the right vacancy rate is 0. If those circumstances ever happen, good luck finding a place to live.