Munich has outrageous rents and brutal housing scarcity, yet no visible homelessness.
It hasnt been going on as long and isnt nearly as bad in Munich as it is in SF but the same problem is there.
A key word is visible. Some places solve the problem by hiding the homeless, chasing them to poor neighborhoods or into shelters, etc. (It's the same solution suburbs and small towns use, in a way: Bus them to the city. Then they criticize cities for the homeless problem.)