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Whenever the supply of a good is limited, there is potential for exuberance.
一種商品供給的有限性總是伴隨著繁榮的潛在性。
San Francisco's property market is intertwined with the technology sector: since 2008 there has been a 93% correlation between the monthly movements in the NASDAQ and house-price inflation in its metropolitan area.
舊金山房地產市場與技術部門關系緊密，自2008年起，美國全國證券交易商協會自動報價系統每月93%的運作與市區房價高漲相關。
Since bottoming out in early 2012, prices in Silicon Valley have risen by 73%, compared with 31% in America as a whole.
自2012年早期房價觸底回升以來，硅谷的房價與全國總體水平31%相比上漲了73%。
To determine whether homes are fairly valued The Economist looks at the relationship between prices and disposable income (an indicator of affordability) and between prices and rents (a substitute for buying a home) .
為了查明房價是否合理，經濟學人雜志看了看價格與可支配收入（衡量支付能力的指標）和租房（買房行為的替代品）兩者的關系。
If rising prices move these ratios above their long-run averages, then either incomes or rents are likely to rise, or house prices to fall.
如果價格上升推動這些比率上升至其長期平均水平之上，那么要么是收入和租金可能增加，或是房價下落。
Across America house prices, after falling by 25% from their peak between 2007 and 2012, are now at fair value compared with rents and incomes.
在2007年到2012年間，全美房價從最高點下落了25%，如今房價收入比和房價租金比已處于公允價值。
In San Francisco, too, they are at fair value when compared with rents, but 45% overvalued relative to incomes.
舊金山的房價租金比也是如此，但是房價收入比高估了45%。
Thanks largely to their big cities, housing appears to be more than 40% overvalued in Australia, Britain and Canada, according to the average of our two measures.
兩種計量方法得出的平均值顯示，澳大利亞、英國、加拿大住房價格似乎被高估了40%以上，這很大程度歸功于這些國家的大城市。
Between 2002 and 2012 the typical London home sold for seven times the city's average annual salary. That figure has since risen to 12 times.
2002年到2012年間，倫敦普通住房的售價是全國居民年平均收入的7倍，而這個數字目前已增長了12倍。
As property developers from Las Vegas to Limerick will attest, when supply does eventually respond to soaring demand, property prices fall.
當供給最終對日益膨脹的需求作出回應的時候，房地產價格就會下落。拉斯維加斯和利默里克的房地產開發商們會證實這一點。
Restrictive planning laws curb new construction in the area around San Francisco Bay; the narrow peninsula that San Francisco itself occupies compounds the problem.
嚴格的規劃法規抑制了舊金山海灣地區新住房的建設；舊金山所在半島的狹小加劇了這一問題。
London suffers from an even more severe planning regime.
倫敦的規劃制度更加嚴厲。
Yet housing starts are at a nine-year high in San Francisco.
然而舊金山的房屋開工率是9年來最高的。
In London, too, builders are finding a way: construction began on 24,000 new homes in the capital in 2015, the highest rate for ten years.
倫敦同樣也找到了解決辦法：2015年該市24000所住房開始進入施工階段，創10年新高。
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