There's absolutely zero evidence of "induced demand" for housing. And all available evidence suggests that 1: SF & CA have huge shortages of homes and 2: Building more is a good solution.
Please see this non-exhaustive list of things which all show building more housing leads to housing affordability.
* http://cityobservatory.org/another-housing-myth-debunked-nei...
* https://www.bizjournals.com/sanfrancisco/news/2019/12/02/how...
* https://jamesjgleeson.wordpress.com/2018/02/19/how-tokyo-bui...
* https://www.sfchronicle.com/opinion/openforum/article/How-th...
* https://medium.com/land-buildings-identity-and-values/what-i...
* https://fee.org/articles/why-isnt-rent-in-tokyo-out-of-contr...
* https://www.upjohn.org/research-highlights/new-construction-...
* https://www.theglobeandmail.com/canada/british-columbia/arti...
* https://medium.com/@eddiesun/no-vacancy-the-housing-crisis-l...
* https://twitter.com/noahpinion/status/1165339989774749696?s=...
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