The intent of the current batch of legislation is to fix the last attempt, which REMOVED "restrictions on what can be done with existing units." Prior to that,

The intent of the current batch of legislation is to fix the last attempt, which REMOVED "restrictions on what can be done with existing units." Prior to that, any short-term rental in San Francisco was illegal. By fixing the law so it's at least somewhat enforceable from a tax-collection standpoint, at least we're potentially going to see the hotel tax revenue, which helps fund subsidized low-income housing. And until the voters want more housing (which they don't, since they have a financial incentive in keeping supply low so their property values increase), don't expect the supes to jump on the supply & demand bandwagon any time soon. People who want to move to San Francisco but can't afford it don't get to vote in San Francisco elections, so the electorate is--not surprisingly--anti-growth.