You could reach for mysterious counterintuitive induced-demand effects in the housing market. Or you could observe that creating six-figure jobs, recruiting people from around the world, and paying them relocation expenses to come to your city, absolutely does "induce" demand for housing beyond any shadow of doubt 100% of the time.

If Bay Area governments were as NIMBY about desks as they were about beds, we might not be in this mess. Now that we've built the desks, we need the beds to go with them. (Or burn down the desks? The sheer comedic value of a government on an explicit job-destroying program might be worth it).