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Because too many people want to live there. Let me put it this way, there are 359,673 households in San Fransisco city. 4.7 million people want to live in It’s Only Rock ‘n Roll But I Like It Vintage shirt , they put up with the high rent and shitty traffic just to live in the metro surrounding it. If you count the people who want to live in SF but can’t afford it, there’s almost certainly tens of millions of people who want those 360,000 homes.