California homeowners earned $3.7 trillion for doing absolutely nothing for the past seven years. But remember, we can't build any new houses because that would be a giveaway to greedy developers.
That extra $130B in appreciation/year doesn’t reflect that that existing housing is becoming more productive or efficient at housing people. It’s just the same thing, but more expensive. Aggregate value of residential real estate in SF is now $1.6 trillion
And is now worth $1.6 trillion in SF and ~$800B in San Jose.