A market-based approach would make a lot of sense in a world that doesn't have Prop 13. Then property owners would be forced to balance their objections to new

A market-based approach would make a lot of sense in a world that doesn't have Prop 13. Then property owners would be forced to balance their objections to new development with the fact that the lack of new development will push up property values and increase property taxes. But with a cap on property taxes, existing property owners are free to block, stall and otherwise prevent new development without any financial disincentive. As you've pointed out, supply and demand explains all. But supply has been limited by forces that need to be fixed. We either need some financial pressure that convinces property owners that new development is in their best interests or we need to stop giving existing property owners input on new development. Because demand is increasing, whether we like it or not. And in the face of that, there are only two options, build more or let rents spike. When even Google employees are feeling the pain of high rents, it's obvious we're not striking the right balance between those two options. It's annoying to see the focus on stuff like rent control when the underlying cause is so clear. Prop 13 is at the core of these problems and needs to be addressed directly rather than tangential half measures like rent control.