That's exactly the problem. I wouldn't say this if it weren't true. Local governments are being starved out by property taxes, and at the same time there's no incentive to build more residential capacity. Argue all you want but SF rent is higher than NYC which is impressive in it's own right. Property taxes being too low also impacts public transit like high speed rail. Right now they're stuck with 1930s era rail technology and it shows. 45 minutes go to from SF to Mountain View? Fucking lol.