> Rent control drives up rents, not down. Since rent control was enacted in SF, rents have increased by 15x in 45 years.

A couple of things:

You're aware of the Californian property tax control? If you aren't, go read up on the 197X Proposition 13, as well as the ways even vaguely-savvy landowners can get around the "tax is reassessed when the property changes hands" rule. IMO, it's only fair that tenants get the same sort of price-increase-protection that landlords get. If the landlords get rid of Prop 13 and anything even remotely like it for the next fifty years, I'll be first in line to clamor for the removal of what passes for rent control in the few cities that have it.

Unless you -as a developer- especially request otherwise, SF's rent control only applies to buildings that were in existence back in 197X, when the ordinance was enacted. New units are not covered by rent control. It does not apply to any commercial buildings... just residential rentals. It also only controls the rate of rent increase until the unit is vacated. Once it's vacated, the landlord is free to charge whatever rent they wish.

Your story gets confounded by the fact that -for a variety of reasons- it's nearly impossible to build any new residential buildings in SF. When demand is met with a nearly zero increase in the supply, the cost of the thing being demanded tends to go up.

Rents are generally quite high in California, not just in SF. From [0]

                        2000    1990    1980    1970    1960    1950    1940
  United States         $602    $447    $243    $108     $71     $42     $27
  California            $747    $620    $283    $126     $79     $42     $27
  Washington            $663    $445    $254    $113     $71     $43     $22

Only a few cities in California have rent control [1], so that doesn't explain the fact that rents are high state-wide.

Though, it is more interesting to look at the numbers when adjusted to 2000's dollar. [2] I wonder if your "15x" figure is inflation-adjusted...

                        2000    1990    1980    1970    1960    1950    1940
  United States         $602    $571    $481    $415    $350    $257    $284
  California            $747    $792    $560    $484    $389    $256    $286
  Washington            $663    $569    $503    $434    $350    $263    $226

[0] <https://www2.census.gov/programs-surveys/decennial/tables/ti...>

[1] Costa-Hawkings prevents cities from even considering the adoption of the policy to level the playing field with Prop 13-subsidized landlords.

[2] <https://www2.census.gov/programs-surveys/decennial/tables/ti...>