True. AIUI, it has been incredibly difficult to get anything new built in the city for a wide variety of reasons for a very long time.
However, I bring up the limits of rent stabilization because I often see people saying:
"More people would build in San Francisco if it wasn't for that damned Rent Control in the city."
or
"Rent Control is why noone builds in San Francisco."
It turns out that -not infrequently-, many of these folks don't understand that rent stabilization doesn't cover new construction. [0]
I hope that once one discovers that rent stabilization doesn't prevent a developer from building a new building full of 1000sf (or smaller!) units that -currently- rent for ~3k/month, and can be adjusted to "market rate" at any time the lease between the landlord and tenant permits, one starts digging around to discover more about the especially fucked up process of getting new construction approved in this town.
[0] Except when specially negotiated, as mentioned in my previous comment.