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The subtitle of that article is "But that still leaves more than 100,000 Bay Area homes empty"

So, yes -- it does.

This is a lower rate than elsewhere in the US.

There are fewer than 10,000 homes for sale in the SF Metro area. That means, there are 10x as many homes vacant as are for sale.

If there were 10x as many homes for sale as are currently for sale, what do you think that'd do to the price of homes in the area?