The real issue is that there is no central authority at the CA State or even Bay Area level planning growth holistically.
A company can hire 5,000 people tomorrow and they'll all just move here and look for a place to live, regardless of whether the city their employer is based in has any housing or not. That drives up rent. It creates the absurd traffic that we now get to enjoy every day of the week. It drives up the costs of goods and services.
Bay Area leadership and California leadership need to sit down and have a discussion with employers and cities about how to effectively and responsibly grow, and then move towards developing new infrastructure to support the plan that comes out of those discussions.
If the fact that allowing landlords race-based leasing won the vote isn't enough to convince you that direct democracy is a stupid idea I don't know what is.
https://en.m.wikipedia.org/wiki/1964_California_Proposition_...
You hint at the easier solution: repeal prop 14 and increase property taxes. A lot. Problem solved.
(If you want to be a bit more sophisticated, look into land value taxes.)