The Consequences of Local Environmentalism in San Francisco

For 45 years, San Francisco has been a center for environmental activism that was focused on restricting building in greater San Francisco. The rate of household formation in the U.S. doesn't get to be determined in San Francisco, they just get determined whether or not it happens there. So if you turn off building in Berkeley, it turns on outside of Houston. And I think once you start doing that, the oppositions of local building in coastal California look like they have it backwards.