> Land acquisition costs were so high that it precludes building anything that can offer that <USD3000 a month price tag
"The median time for securing approval to build in San Francisco is 627 days" [1]. Land-development loans cost between 8 and 12% [2]. The financing cost alone of that delay thus adds 15 to 20% to the cost of any housing in San Francisco. At the median.
Add the risk of not getting approved and the cost of the lawyers and lobbyists and I wouldn't be surprised if these officials bump real estate costs by 50%.