I'm not suggesting it's easy to own, but emphasizing that the rental market is a market, and rents change whenever a new contract comes due. If you want to smooth the rates over a long time horizon, buy something or sign a long-term lease.
But that doesn’t change the fact that renting is fundamentally unstable, and a short-term contract comes with risks. You seem focused on shooting the messenger.
The relevant issue: Switzerland has rent control (and has had it for a long time). So if it's tenable position for the 2nd richest nation (and has been for a long time), it does suggest that renting being "fundamentally unstable" is not a requirement.
Unfortunately, rent control fails consistently. It doesn’t change the fact that too many people need too few homes, not to mention the margin squeeze for property owners. The Bay Area needs way more home, especially multi-family units near transportation.