This is a bad-faith argument advanced by the opponents of construction (landowners, essentially). The facts are that San Francisco vacancy rate is among the lowest in the nation, stands near the all-time low for that city, and is way below the level required for a healthy housing market. You need liquidity for a functioning market, and liquidity means vacancy.

The NIMBY groups who advanced this exact narrative in Los Angeles had to retract their "study" because it was BS. https://thehill.com/changing-america/respect/poverty/471675-...