Firstly: the City has no shortage of money. The City's budget this year is a whopping $8.6 Billion dollars. For a city of 850,000 people, that's quite a lot.
Secondly: the City already spends a lot on homelessness; the direct spending per homeless person exceeds $12,000/year. There are task forces galore on this problem, and nothing makes a dent.
Thirdly: SFPD is already among the highest paid in the country. Rookie officers can make more than $100K/year with overtime. There is no accountability; and they'd rather shoot than treat a mentally ill person properly: http://www.vice.com/read/most-of-the-people-killed-by-the-sa...
And finally: this "throw more money without accountability" approach is a part of the problem. It provides an economic incentive to do a shitty job, because hey, doing a bad job gets more money!!