I don't really understand why someone would feel entitled to live somewhere they can no longer afford to live. At the same time, I'm not trying to get into a huge debate about it, because whatever . . .
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It's a really interesting discussion. I used to have a similar view to you but have definitely become more sympathetic over time. A lot of folks displaced pretty much have to leave the area completely, which would kind of suck if you grew up in the neighborhood or were raising kids or had any sort of social circle in place. It isn't like these people can move to a shittier SF neighborhood, they have to move to at least Stockton or something.
Also California has Prop 13 which prevents homeowners from ever having their property tax reassessed as home values increase, because we can't have homeowners forced out of a neighborhood they can no longer afford. It's pretty mumped up given how few rent controlled units there are.
What bothers me more than people thinking they are entitled to live in expensive areas are the people who stop any new housing from being built. Lots of otherwise smart people don't think you can soften rent increases by increasing the housing supply. It's an odd union of extreme progressive renters and wealthy conservative homeowners who generally lead the charge against any new housing and it makes me crazy.