San Francisco is currently declining at a rate of -1.64% annually and its population has decreased by -7.15% since the most recent census, which recorded a population of 875,139 in 2020.

https://worldpopulationreview.com/us-cities/california/san-francisco

Demand is down, because population is done...

Prices are up, because some people can pay more.

The people who own the housing, didn't have their costs increase, except property taxes...

Which increase because housing prices go up.

They're causing the only fucking valid reason they have for increasing rent, and its a feedback loop because they keep increasing prices which increases valuations which increases taxes which increases rents.

What is hard to understand here?