It's amazing that most companies, including tech companies, operate technology with a diaspora of people across the globe. Yet the bigshots need to be in SFO for reasons.
Housing in the Bay Area is like roads; build more and capacity will simply be soaked up. Either move elsewhere or accept the SV tax. No property owner in their right mind would vote for more building (depressing the value of, most likely, the largest asset they own).
TL;DR Vote with your feet, prefer remote first companies.
You must destroy demand. It is the only way out.
Building as much (and sustainably) as possible + a land tax to discourage speculation and people not actually living in housing might be a better solution.
There's only so much land you can build on, and only so high you can build (whether through physics or legislation).
Should workers vote with their feet for remote first companies? Absolutely. But that doesn't mean SF shouldn't also build more housing.
Saying you shouldn't build housing because people will just buy it all up it is like saying you shouldn't grow food in a famine because people will just eat it. The problem is that demand and supply are massively out of step, and that means you need to build a lot before it starts to even out.
And sure, there are political reasons it doesn't happen, but that doesn't mean it's not a good idea.