Prop 13 is fucking horrible. We can't blame it for everything, though. It doesn't stop SF from zoning for more residential units or allowing the existing ones to be subdivided. All of those new units pay full freight.
Zoning laws aren't laws of physics. People make those up to align with what works best for them. Prop 13 strongly incentivizes less housing (because it boosts voters asset values with no downside to homeowners) and more commercial (because cities now rely on sales taxes to stay functional).
Until the landowners start to feel some downside from the housing disaster don't expect anything to change.