It isn’t just the houses, the schools, the sewers, the highways, or the public transit also need upgrades. Even then, a city like Seattle has been building a lot more than SF in the past decade, yet still keeps approaching it in property famous (and yes, we mean land value, not just the structures on them). I live in Ballard. And tons of low density SFHs are being torn down for three story luxury townhomes, and then there are the 5-6 story apartment blocks being built. And this isn’t uncommon in the region. I guess as we approach NYC density, we will approach its property prices as well?