Sorry, let me clarify: the SF _Bay Area_ has a lot more housing theoretically allowed within existing zoning.
But I’ll admit, in the case of the Bay Area, it’s such a desirable place to live that if they build a million homes tomorrow I’m not sure it would satisfy demand, though I do think that would be enough to move us down the price curve a bit.
I doubt it, because the nameplate capacity of San Francisco after its 1970s downzoning was very close to its actual size now. Same for Los Angeles, which was down-zoned from 10 million to 4 million in the 1970s.
https://www.lewis.ucla.edu/programs/housing/housing-supply/z...
Is there a source for this?