Either you let the market do, and the price will logically higher, or an authority will decide who can stay. In first case, Techies are indeed provoking the eviction of long time inhabitants, on the other hand how do you decide those who leave, those who stay? You choose the people contributing the most to the economy, or the one that relatively are bringing nothing but cost? (fireman, under-educated workforce, public services (trashs...), policemen....)
Well, let's hope techies will learn how to do all these underqualified/cost sink jobs when these people won't be able to afford any more housing.
The vast majority of SF is zoned for four-story buildings. In Paris it's six. In New York, Hong Kong, and Dubai, it's much more.
How can you say SF is anywhere close to approaching full capacity?
(And don't try to claim earthquakes have anything to do with it. Construction of tall buildings in seismically-active areas is a solved problem.)
That said, Tokyo shows how it can be done, but to replicate Tokyo in San Francisco would require tearing down and rebuilding a lot of existing housing stock which would temporarily make things even worse.
While there is a case to be made for allowing this, I think it's probably the weakest place to make your stand against the lack of new housing construction in the bay area. We have options other than tearing down some of the oldest neighborhoods west of the mississippi.
While everyone may be saying Not In My Backyard, there are degrees of NIMBYism. Personally, I think that it's far more egregious for very low density areas like Mountain View or Menlo Park to ban new housing development, especially when these are the same cities that have green lighted office construction that will bring hundreds of thousands of new workers to the region.