And when they do the value of existing housing is reduced as it must compete with that new luxury housing. People who want to live in SF and have $10m to spend

And when they do the value of existing housing is reduced as it must compete with that new luxury housing. People who want to live in SF and have $10m to spend are going to live here. If you won’t let developers build luxury condos for them they’ll just buy a Victorian, Ellis-Act the tenants out, and remodel it back into a single-family home. There is literally nothing you can do to stop it.