[_RPL5_]

"functioning real estate markets"

Is the housing market in the Bay area really uniquely dysfunctional? High property prices are a result of demand outstripping supply. It's what you get for concentrating the entire tech industry in one place. Similar to Manhattan and the financial industry.

In that regard, the real estate market in the Bay area is basically working as intended. Or am I missing something?

[b9a2cab5]

By functioning, I mean markets where the local property owners haven't colluded to restrict supply via bullshit environmental assays, zoning, etc. Or at least they haven't sufficiently colluded to the level of straight up preventing new housing from being built.