> Treating homes as investments is what leads to most NIMBY ways of thinking, which while harmful to the region at large, make perfect sense on a homeowner level. Many SF land owners have bought in at overvalued levels and continue to pay or receive overvalued rents.

This is something that puzzle me. If areas are upzoned and higher-density redevelopment becomes possible, then housing prices will drop. But housing prices aren't the same thing at all as land value. If I owned a small low-density unit on a small plot of land, I wouldn't be able to sell the house as such to someone who wanted to live in it for as much money, but I think the value if the property could redeveloped as-of-right at higher density would increase.

So at least some plots of land should increase in value.