Existing property owners have too much control to prevent new construction. Consciously and subconsciously they restrict new construction to boost property values. IMO most of SF's problems can be traced back to this. And it's a vicious cycle. Once you're in debt up to your eyeballs for your home, you do not want to see the problem fixed. SF city doesn't want it fixed either because they want more property tax dollars.

Of course there are other problems too but they would be easier to solve with cheaper property prices. California should tax property at their current market values instead of purchase price. This would fix the tax sort fall and put downward pressure on property prices.