Isn't the basic problem that existing residents already get rich (or at least, don't get any worse off) as the city gets richer, because they have the power to extract rents from new residents? Current owners have every incentive to prevent construction of new housing, because it makes their own assets more valuable. Renters protected by rent control have no inventive to care either way, since their rent isn't going up. The only people who do care are newcomers who didn't get the benefit of rent control, and all the people who aren't moving to SF and contributing to its economy because they're priced out, but they don't get a vote in either case.