It's received wisdom on HN that the Bay Area housing crisis is caused by NIMBYs and restrictive zoning laws.
On the other hand my sense, based on anecdata, is that a large proportion of the condos constructed in the past 15-ish years in eastern SF (Embarcadero, Rincon, etc.) and SOMA/Dogpatch are owned by absentee landlords as investment property. Since these folk are mostly rich SV types (or wealthy overseas investors), they can afford the eye-watering prices. Their renters are also well-paid techies, so they can pay the hyper-inflated rents.
So I believe the housing crisis is instead a result of society deciding that no one actually has a right to a home of their own. Instead, it is in fact a good thing to engage in literally rent-seeking behavior[0] and we should all be in a race to accumulate the most wealth we can to pass down to our offspring, so that they can continue this cycle.
If my analysis is correct, then more construction will just result in more of the same. Rich people buying 2 and 3rd homes that they rent out to people who are here for the short term and can afford inflated rents.
It seems to me a good first step would instead be to slap a Vancouver-style 15% property tax on any home that is not occupied by the owner (not just foreigners). Of course, there is no way in hell Californians will actually do something that requires actual self-sacrifice, so that's never going to happen.
( I have more anecdata about SV residents buying 2 or 3 houses in the Austin area in order to capitalize on the real estate boom caused by other SV ex-residents moving there, further driving up costs in the area. But let's restrict the discussion to SF Bay Area for now).
This theory is obviously based on feels rather than data, since I don't know of any way to actually get ownership/residence data broken down this way. That would probably violate all kinds of privacy laws.
I would love to be disabused of my notions with data. Not motivated-reasoning "studies" by think-tanks who have vested interests, but actual data.
[0] https://en.wikipedia.org/wiki/Rent-seeking (the rent seekers in this case being all the homeowners who resist any property tax reform which would affect their bottom line)