> ...it would just cause all rents to increase at a slower rate.
Rents increasing at the same rate as inflation is 100% okay. I don't think that anyone thinks that this is a bad idea. (Indeed, the SF Rent Board allows an annual rent increase for rent controlled apartments that is slaved to the CPI for the area.)
Rents increasing by 75% per year, every single year is not okay.
SF's problem remains zoning and NIMBYism, from both the "my view!!!!1" types and the "only 100% affordable housing!!!!1" types. I also suspect a number of these groups are being funded by property developers and landlords looking to drive prices even higher.