Those units will still be ridiculously expensive only because there aren't enough of those units. Because SF has been building practically nothing compared to the amount of wealth that's flowed into SF, for years. The Bay Area's vastly disproportionate economic productivity should have implied a Beijing-like growth spurt. It should have sucked skilled immigrants out of middle America, depopulating those places by some fraction, because this is where the jobs are.

Construction expenses aren't a major part of the equation here, zoning permission and transportation are balanced against a demand that is the highest in the country. Rent, and for that matter land prices, are expressions of those factors.

It is ridiculous that the national economic engine of our times for the last generation looks like this: https://www.google.com/search?q=population+of+san+francisco