The expectation that homes won't deprecate like most assets do is an anomaly.
The more people move into an area, the more demand there is for that land, so the more its price increases. The only reason you'd expect the price to decrease would be because people don't want to move there anymore because of new areas that are more desirable or something negatively impacts the desirability of the area.
It's also highly dubious that any land in SF can be considered higher value due to the rampant crime issues. I really don't understand how anyone would want to buy a home or live in one where there a daily risk to waking up to a home invasion, your car being pilfered through, literal human shit on your doorstep, etc. All in a place where cost of living is 2-3x higher than nearly every other part of the country. It's laughable.
Also as a little story about how crime infested SF is, a couple years ago my wife accidentally left her key ring in the lock on our front door (which included car keys to a car right out front), where they stayed for the next ~18 hours, right in obvious public view from the street, until we noticed the next morning. And lo and behold the crime was so bad that the keys were right there the next morning and we had a nice laugh about it.