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> If you add enough housing+residents it will lower the values as the places become overcrowded metropolises less people want to live in.

Maybe at some extremely high level it becomes untenable but both Manhattan and Paris are very desirable places to live and they have 3-4x the population density of sf.

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Right, which means you can effectively ruin SF through the lens of many existing residents, by turning it into a Manhattan, and still not have affordable housing there.

So why do it?

Consider that Brooklyn has over 2x the density of SF, but median home prices 40% less. I agree that turning SF into Manhattan would ruin it in many people's eyes, but turning it into Brooklyn would be... not all that much of a change?

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