Won’t. Not Can’t.

This problem is entirely of the Bay Area’s own making. They have been pursuing exclusionary housing policies while cranking up taxes and spending for a long long time. Now the revenue base for those taxes are collapsing at the exact time they need the revenue to weather the storm.

SF literally created the first zoning laws in America. Nothing that's happened there in terms of zoning and real estate cost is an accident, it's a natural result of politicians and citizens valuing real estate value above pretty much anything else.

> SF literally created the first zoning laws in America.

This is not true. The first was either in Modesto in 1885, LA in 1908, or NYC in 1916, depending on how you define things. Definitely not SF, though.

Doesn’t really change your point, I just want to correct an urban legend.

I think you would see this occur. As inflexible as local government tends to be, they get the idea pretty quick when rich people start losing money. Where I am, tbf I am in the UK and the rules are likely nowhere as inflexible, but property is being rezoned (and green zones are being built in, all the apparently immovable shibboleths of local govt are tumbling).

> San Francisco cannot even convert places that are zoned for housing into housing

You missed a "not" there.

You talk about that like it's a law of Physics.

It's not.