Intercity/ interstate migration is a huge contributor to the pressure in major US cities. If NYC or SF were 1/4th the cost I would move there immediately, but the value would be marginal at this point.
SF has only enjoyed positive net domestic migration for one single year in living memory. Domestic migration is absolutely not a driver of housing costs in San Francisco. Over the last 40 years San Francisco has consistently failed to build enough housing for its endogenous population growth due to longevity and births.
jeffbee|2 years ago