The part about land not getting enough is prima facie false - housing prices in SF are out of control.<p>But even in the &#x27;90s tech boom in Texas, many were using equity in tech companies as leverage to buy and develop land. This in a place with more affordable housing and no water bounding it.<p>What passes for capital in SF is also not necessarily easily understood as capital without extending the concept quite a bit. It&#x27;s closer to speculation in early phase equities, which is about the ... third derivative of actual capital. Unlike a building full of machines that add great creative value but are hard to move, this brand of capital is many orders of magnitude more ephemeral.