Okay. I see you technically have a point, and maybe I should be stupidly pedantic again:
You know the numbers that show up on Craigslist when you search for a given set of apartment configurations in any one particular neighborhood? New housing, even luxury housing, will cause these numbers to go down and not up. These numbers are also what most people are talking about when they talk about "the rent is too damned high" and that's also the number that everyone in the market for a rental actually cares about.
Yes, rents will almost certainly keep going up, that's true, because the new construction in San Francisco is pathetically small. But prices for a new rental of each and every extant apartment will be lower than they would if there were no new construction at all (or if there was negative construction).
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Okay. I see you technically have a point, and maybe I should be stupidly pedantic again:
You know the numbers that show up on Craigslist when you search for a given set of apartment configurations in any one particular neighborhood? New housing, even luxury housing, will cause these numbers to go down and not up. These numbers are also what most people are talking about when they talk about "the rent is too damned high" and that's also the number that everyone in the market for a rental actually cares about.
Yes, rents will almost certainly keep going up, that's true, because the new construction in San Francisco is pathetically small. But prices for a new rental of each and every extant apartment will be lower than they would if there were no new construction at all (or if there was negative construction).