SF has a very high foreigner population that cant vote. They are moslty renters. US renters also might not live enough time in the city to register, be politically active, or end up moving due to lifestyle or economic reasons. And of renters you will have those that have rent control, which end up in tandem with owners about de-regularization.
Im sure that if you put up a vote landowners and rent-controlled renters have a concentrated interest, and renters and foreigners dont have representation even if they are the majority. If you took all renters of SF in the last 6 years you might get a higher number than landowners but they cannot fight it politically.
So I adhere to the notion of unrepresentative democratic outcomes.