The problem is that the existing residents of San Francisco would like to preserve their relatively low density city, and simultaneously cram several million more people into it. In every other growing city, swathes of older, low-density housing are torn down and replaced with higher density apartment and condominium blocks. These high-density urban high-rises relieve the pressure on the remaining, cheaper, low density residential properties, while simultaneously adding additional economic growth and neighborhood vitality. It just seems that the residents of San Francisco have made a collective choice that they'd rather have the "charm" of their "historic" (like you can call anything less than 200 years old historic) city, rather having a city that people can move into and live in on less than programmer wages.