[chairmanwow]

This generates pressure, driving up prices by constricting housing supply sure, but what is preventing SF from constructing lots and lots of new buildings? If there is pressure to increase the amount of available housing, then the government of SF has a Civic responsibility to create an environment where the housing supply can increase. Full stop. Property speculation will always take place.

[nautilus12]

Because...there is a housing shortage. The definition of a housing shortage is that houses cannot be produced fast enough for people to consume them. Assuming that the supply is what it is, if a large percentage of that supply is being used for investment, then people can't live in them. You have to assume that the economic machine is doing everything it can to increase the supply because then those who benefiet from selling expensive house can _make more money_....