Regarding my post on the Myth of the Housing Shortage, one commenter suggested that I look at jobs vs. housing supply instead of of population vs. housing supply. I have done so below, with surprising results:
Using job growth instead of total population growth lends even less support to the idea that home prices have risen based on fundamentals. During the most dramatic part of the housing boom—a period in which home prices rose by 88%—the San Diego home supply grew faster than the number of jobs. And as the chart shows, the disparity between growth in the housing supply and growth in non-real estate or construction jobs was even more dramatic.
Feel free to show this chart to anyone who still believes that there is a housing shortage in San Diego.