I can't agree with this. At various times over the last 30 years, there has been roughly two classes of people in SF: "tech workers", and "everyone else." The "everyone else" comprises teachers, restaurant workers, retail workers, delivery drivers, and others, who cater to the whims of "tech workers." "Everyone else" works in industries subject to competition, market forces, and the ruthless demand for profitability (try keeping a restaurant open for 3 losing quarters). "Tech workers" work in an industry often shielded from these exigencies, cossetted in a pillowy cocoon of VC money. "Everyone else" serves the local community. "Tech workers", if they serve anybody, tend to be disconnected from the local economy and serve national or global markets. Relatedly, "tech workers" are paid high salaries that rise quickly. "Everyone else" is paid much more modest salaries that tend to stagnate. To add insult to injury, not only did this set of circumstances arrive in SF, it also arrived quickly, in waves, representing a series of shocks. Then came the last and possibly the most serious shock: remote work. Altogether, this is a recipe for: spiraling costs, social fragmentation, homelessness, and political turbulence.
Put another way, an ocean of money was poured into a thimble and no amount of "increasing supply" is going to make a difference. Make it two thimbles, ten thimbles, a hundred thimbles, it's still going to leave a mess.