California was gentrified, ask any economist and they'll tell you collapse was inevitable. The soil there isn't filled with gold, your property prices aren't going to magically sustain ZIRP-rate office space prices. Contrary to popular belief, McDonalds workers do not live at the restaurant and need a place to live alongside $450,000/yr OpenAI prompt engineers.

So you have to ask your self, as a high-density city; do you want your bubble to pop, or are you willing to back off to prevent catastrophe? The difference in opinion between residents and real estate investors may shock you.