Pulling up AirBNB listings for a random week a few months from now in SM also makes it look like most of the stuff being listed is small apartments/houses, not the swanky giant houses that would be well outside the market of the typical renter who's currently being squeezed. However, it's unclear from a cursory look how many units were permanent rentals versus "I travel on business a lot so I can have guests stay when I'm not here" type stuff which is much more reasonable.[1]

There's a fair bit of new residential construction going on, but it doesn't seem like enough yet, and I think a city—especially one that already has an easily-healthy number of tourists/visitors—has more responsibility to residents regarding rent than to visitors who are experiencing a likewise-overheated hotel market.

[1] although it's not a pleasant thought to think that for many people, things are tight enough that the money made from renting out their place (and the risks that go with it) when not home is a significant boon to their life.