The residual damage from large companies moving out of downtown cores seem to be lost on the local politicians. They will say everything is fine as the service industry meant to sustain companies evaporate.
To the contrary, the damage of displacing their core service workers with overpaid startup employees can't go on forever. Pumping more money into the city isn't going to change the core issue, and businesses are starting to realize that they are the problem.
There are only two ways for a city to relieve a housing shortage: either build more housing or make the city less desirable to live in. SF has decided that the first is impossible, so they're going with the second.