No housing bubble in San Francisco

This chart is from The Antiplanner. 

A comment to the post:

Living in the SF east bay, and having friends in the Berkeley housing market, the SF housing market might not be a bubble from speculation, but due to demand. There is no significant new supply in San Francisco as no new land is available for housing. The tech companies based in silicon valley and San Francisco seem to be pouring in massive amounts of money. 

In Berkeley 80 year old three bedroom homes are being snapped up with cash offers over the asking price of typically one million dollars. The buyers appear to be people with stock money who cannot afford San Francisco and therefore are looking for desirable communities within a reasonable commute distance. It is interesting to note that the SF house price never declined from its peak as much as other markets. 

Therefore I think it highly likely that the SF market at least has a good change of maintaining its price premium. Not sure how this will affect the long term low income housing. This is becoming a very great social problem here.