Also extremely high immigration. We're in the high part of our immigration cycle which means depressed wages and expensive housing.

Some people might say it’s capitalism that allowed rich homeowners to take over government to create themselves laws to protect their real estate investment. Laws of the rich to make themselves richer.

That cannot be capitalism’s fault, because the city government is elected. Every adult gets one vote, no matter how much money they have. Every person has as much right as every other to try to convince the elected members of that government to take the correct course of action. If your city government is unfairly favoring one segment of the city’s population over another then you should elect a better one. Not all cities are as badly run as San Francisco. It can be done.

It’s capitalism. We have plenty of housing but a capitalist society protects hoarding housing more than equalizing housing. You end up with more airbnb, “investment” rentals or abandoned properties stuck in legal limbo than inventory for first time home buyers.

you can’t build to infinity when everything is built out…

Well, you’re not completely wrong there. In this case however, San Francisco is full to the gills with 100–year–old two–story houses, which the city government will not allow anyone to knock down and replace with four–story houses.