In this article, the authors study charter growth in a single region as a case study: the Bay Area, which includes San Francisco and the cities, suburbs, and rural areas that surround it. California is one of the nation's leading charter school states, and charters have boomed in the Bay Area in particular. The area also is in the midst of a five-year decline in the rate of charter growth, mirroring the national trend. The authors survey charter operators and analyze the policy environment, market forces, and other dynamics contributing to an overall slowdown in expansion. This study finds that charter schools are encountering a set the price of success. As charters have become a more significant presence, especially in their target cities, they are encountering scarce facilities, increased competition with one another, and heightened political opposition. These intense new dynamics exacerbate the already challenging realities of a maturing sector: after a period of rapid expansion, many charter networks are also choosing to pause growth to attend to internal needs, including improving instruction and talent development. These conditions call for a range of interventions to restore strong charter growth, such as new measures to expand access to school facilities, increased coordination among charter operators, and stronger partnerships between charters, local districts, and state officials. While the specific factors constraining growth in the Bay Area may not be strictly relevant elsewhere, they do shed light on factors potentially at play in multiple settings nationwide.