The Bay Area has never really reconciled being a protective property market (the old money NIMBYs) and being a high-growth business hub. One of the two had to give, and another tech market crash plus remote work becoming the norm (despite wailing and gnashing of teeth from some CEOs and VCs) will probably see SF reverting to the former.
When there arent NIMBYs, high rises are quickly built, every place is turned into a overcrowded, concrete jungle and the property prices still remain high. Hong Kong. Tokyo. Many examples.
