There is a serious housing shortage in San Diego but the policy is also trying to discourage the private market to provide more housing by being extremely unfair to landlord.

As an agent in the SoCal/Inland Empire area I can tell you one of the issues we're facing is an inventory shortage.

It is also true that if the appreciation (market and rent) were to end, the return would suck.The appreciation has far out paced inflation for over 50 years and there is a housing shortage so it seems like at a minimum rent appreciation seems to be a good bet in the near term (<5 years). 

But still we will probably see some increase in rent in non-rent controlled properties, decrease in quality for rent controlled one, and portably a higher shortage of rentals.

There's plenty of people flouting the rules, but I don't recommend it -- at any time they could address their housing shortage by cracking down on STR heavily. 

This has caused at least 3 major problems: 1) the market is now oversaturated with Airbnbs, 2) rental rates have come down bc of so much competition, 3) there's a dire shortage of workers available to service the huge increase in the # of Airbnbs.Wait times are often a month or longer for service providers.

We have a chronic housing shortage, which results in an extremely hot rental market, but it also makes buying very competitive.

It's in a popular year-round tourist destination with a shortage of hotels and heavy restrictions on STRs. 

I think we’re still going to face a shortage problem until rates and inflation comes down.

The current leverage my family has is their home equity, but I honestly plan to invest within the next year due to capital shortage.