If scarcity is causing high prices, why did San Francisco rents balloon from $2300 in 2008 to $3600 in 2016 when the population size only grew modestly at the same time? The idea that supply scarcity is responsible for what is clearly a tech-driven event is some serious head-in-sand reasoning. I watched this happen; tech boomed in SF after 2008, and prices boomed with them. The population, meanwhile, did not boom significantly. This has little to do with scarcity.