I'm surprised the tech industry hasn't lobbied more for pro-growth, or wielded enough influence to relax zoning restrictions. The Bay Area is slowly losing its stronghold to cheaper cities as it becomes unviable as a place for technologists to start families, etc. The state of California will lose its tax base as high-paying jobs move to other cities out-of-state. There's a lot of losers with housing policy left as it is.

It's eating itself. The thing that makes Bay Area property so valuable (many prominent companies co-located) is going to end without more housing.

You know, it would be much more palatable, and much more likely to pass, if instead of phasing out prop 13 entirely, we carved out an exemption for people who only owned one property which was a single-family dwelling. Prop 13 is an important protection for a lot of people on fixed incomes who are also very vulnerable to being displaced from their housing in this high growth state. Kicking seniors out of the homes they’ve spent most of their life in isn’t a very ethical thing to do.

Housing development is famously undertaken when developers can sell to landlords who wish to make a profit on the improvements only; all parties involved would be quite willing to spend millions of dollars and to lose money, if it's a loss on the underlying land.