I think there is a fair bit of "how to lie with graphs" here going on. For instance, the 'housing construction boom' very carefully does not show any context before 2014, and although it rockets up from the bottom left of the graph to the top right, that's only a delta of 25%, because the bottom is not zero. It also doesn't show how many housing units ever make it /out/ of the pipeline -- a perennial issue in San Francisco.<p>It also seems to declare that employment is the only source of housing occupancy. This is less true if you consider, for instance, real estate speculators (and with China's economy as well as it is and is expected to be, I don't foresee that slowing down), and also if you consider the new short-term rental market.<p>So, maybe the housing bubble will collapse. But I'm not convinced that either of those forces are as powerful as the author claims, and the author doesn't really give any text considering and dismissing other known forces, so you can consider me unconvinced by this article alone.