There seems to be a lot of discussion in this topic around the idea that "IF San Francisco did away with rent control, THEN the market would correct the problem

There seems to be a lot of discussion in this topic around the idea that "IF San Francisco did away with rent control, THEN the market would correct the problem." Given that SF hasn't had rent control since 1980 (it only applies to buildings constructed before that), and the market has thus had 25 years to correct, which of the following is true: 1. There is no housing problem 2. Removing rent control didn't make a difference. I'm actually curious to know the opinion of people blaming rent control... (edit: typo)