Correct, given that housing in one location is significantly fungible with housing in another location, barring some economic frictions. The total stock (both state-wide and nation-wide) is the metric that needs to be increased.

> Correct, given that housing in one location is significantly fungible with housing in another location, barring some economic frictions

What do you mean by economic friction, because in real estate, “location, location, location” is the most important phrase.

The economic opportunities available to someone in living within 1 hour of SF and San Jose are vastly different to someone living 4 hours away, hence the house in one location is not fungible with the house in another.

Even on the more local level, the school district a house is located in will make a big difference.