Wealthy people in SF, particularly “old money” types, don’t really pay significant taxes:

https://www.sfchronicle.com/bayarea/article/Rich-residents-w...

Businesses are what pay it. Hence the payroll tax a few years ago. Hence the relative ease of getting new office space approved vs. new housing.

To preserve the tax base, the city govt. will need to keep business around and office space full. Even if the crotchety old money people who pay pennies per year for their semi-private streets don’t like it.