I'm not disagreeing at all. But I know of enough unusual vacancies in SF among the rich that it strikes me as a small corner factor. In another city (smaller, parents live there) EVERYONE rents when they are not in their space. I mean, even just for summer if traveling. But when you come back, the tenant must leave (and does).

I know someone who sublet an extra room to someone, a year later her wonderful lease was destroyed, landlord sued her and the women never paid a dime, could not be evicted, claimed she felt unsafe and got a restraining order against the person actually paying rent etc so they ended paying rent on two places, one to live in and one for the women.

I mean - this stuff does turn you off renting a small bit.

That said, supply is REDICULOUSLY constrained around here, red tape is nuts, minimum requirements crazy, affordability payments high etc. So yeah, no question that there is artificial scarcity.