The article frames the cost of living issue mainly in terms of demand (...because of OpenAI and Anthropic...), which is an important factor, but has very little to say about supply. San Francisco is a major metropolis that looks like a mining town: there's very few high-rise buildings compared to other major cities. It's due to many factors including strict zoning, growth caps, seismic risks (compared to say Tokyo?) and landlords that don't have much incentive to decrease the value of their skyrocketing assets.

Also some recent setbacks like our leaning Millennium Tower.

It might take a political earthquake to change the status quo given how ossified everything is unfortunately.