I woke my wife up this morning laughing out loud at this article–California’s Silicon Valley, one of the most expensive housing markets in the nation, has a glut of affordable housing. The irony is too rich. . . But the article misses the key lesson. The housing market is complex and changes fast, and attempts by state and local governments to predict housing needs and tastes usually go astray. The best part may be the last line. . . some people never learn.