Yeah, commercial property makes no sense either, especially if you consider the original intent of the law, but it bothers me less than residences as at least those properties, in theory, are doing something productive for society.
Both just pop in every now and then to enjoy the Bay Area for cheap and then let the home sit vacant the other 300+ days of the year.
I also know renters and owners that have been very active in their local communities.
If the metric you care about is "societal productivity" there are better ways to measure and reward that than based on "how long have you owned here."