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Because housing instability creates social harm. Tech salaries would (probably!) keep pace with the demand for non-rent controlled San Francisco housing, but teachers, cops, firefighters -- let alone retirees -- incomes won't likewise scale. Folks like that will be rapidly priced out of living anywhere for longer than the length of a minimal-term lease.

A stable community is a thing not much valued by (young and transient) tech workers, though I would argue that even they derive some benefit from living near folks who make less money than they do.

Rent control doesn't create utopia -- and this article describes some of its acknowledged problems -- but neither would abolishing it be free of consequence.

Like most things in life, it's a trade-off. Don't overlook one side of the exchange.