In countries of > 1 billion people who are racing towards development, the real estate bubble just goes on and on. Even in smaller cities, real estate is seen as a very profitable investment as even more people make the rural to urban transition, jacking up demand to stratospheric levels.

Population of Bay area is about ~7 million. Not even 100 million. The real estate bubble is going on for 50+ years here. So, it is nothing to do with population. Today what we call as growth is just a bubble.

Bubbles always last longer than you'd think, but at some point they all end. Absent some kind of crazy government intervention, prices are ultimately supported by rent.

In china, people are banking on urbanization: because poor farmers are really going to be able to afford a small apartment in the city for $1 million. Really.