You've used the seniority-based discontinuity in the tax basis among SF rental properties (ratcheted by Prop 13) to argue that property taxes don't matter for r

You've used the seniority-based discontinuity in the tax basis among SF rental properties (ratcheted by Prop 13) to argue that property taxes don't matter for rental prices in general. Just because some landlords end up being privileged and pay negligible property tax, doesn't mean that the tax doesn't affect the system as a whole. New landlords who want to rent out their properties still factor it into their calculus and compare that against investing their money elsewhere, which affects supply.