No, it raises rents. California rents can be traced back to prop 13, for instance.

Prop 13 wasn't run on a platform of raising rents, was it?

As bad as Prop 13 is for California, it's silly to put the whole blame on high rents on it. It's enough to note that rents are high in NYC, Boston, DC, and Seattle, and none of these places have Prop 13. If you can have skyrocketing rents without Prop 13, why would you think that it's Proposition 13 that's bearing the whole blame in California?

I wasn't putting the whole blame on it. I was citing it as one example.

And, Boston, NY, etc. rents are NOT as high as San Fran.

San Fran also has rent control, good weather, and high income jobs.

But while Prop 13 also affects politics around new construction, it's a far reach to use its long term effects on voter behavior to associate general concepts of lower taxes and less regulation with higher rents or lower wages.

Notably, it's a law that taxes people unequally.

Lowering taxes on renters can raise rents, if new housing is banned, because renters then have more money to compete for limited housing with. Likewise, the recent corporate income tax cuts raised wages at the bottom.