And some speculation. I see first hand a lot of high end apartments bought that sit vacant. Maybe the owners live in Asia or EU 9 months of the year, I dunno. But in some of the swanky towers downtown there are entire floors with at most one owner present year round.

In a normal market, I suppose speculation would help increase supply - by driving prices up, it would become more attractive to build. Of course if no building is possible, that won't work.

Nevertheless, there has to be a ceiling to the prices. If no space for living is available, eventually the tech companies won't be able to grow further because they can't hire more people.