I'm sure demand has also been going up, though I don't know how to disentangle that from inflationary effects--same number of people wanting to live here, but w/ access to more wealth. In any event, it only drives home the point that the relationship between demand, supply, and price isn't something you can just will away, like an alternate universe Jane Jacobs applying Marxist economics.

AFAIU, San Francisco has built more market and non-market housing than any other city in the Bay Area, despite being geographically quite small. Unfortunately, that's a relatively low bar in the context of the Bay Area considering so many cities just refuse to up-zone anything, or approve projects in up-zoned areas.