Sure As Hell Can't Hurt
Curbed: Toll Brothers: Meet Your Friendly Neighborhood Builder
"When San Francisco gets so expensive that a rich person says: 'You know what? I don't want to pay that much, I'll go look at Chicago instead' - that's what has to stop it ultimately. But there's nothing in our model that says that ever has to happen. Every time we think that housing is ridiculously expensive in the U.S., we should go look at Europe and Asia. Even after 15 years of declines in Tokyo, it's still more expensive than living in Manhattan. There's no natural law that says U.S. housing prices have to stop here. None."This is another view to keep in mind. There is so hellaciously much money swashing around the SF Bay area, and especially trying to find a home in SF itself, that interest rates may be meaningless to the City boom in particular. If you're paying cash upfront, you really don't give a damn about what the interest rates look like anyway.
And I've got 1000 pano-Bay-view market rate units going up across the street from my property. Yum.