supply issues- and building restrictions- did not cause the bubble because supply growth kept up with population through the bubble. (see Rich’s graphs at this site).

Over the long term- meaning over generations- I do think San Diego will see price increases caused by a lack of sufficient supply since we have geographic constraints and infill development is expensive (mostly because of land acquisition and prep costs- not regulation).

But the article is simply wrong that building restrictions have caused the bubble. Funny money fueled panic buying did.