Tech money sets up shop around SF so they can avoid the big city laws and take advantage of small town politics. Mountain View, Palo Alto, Atherton - all the places the big money goes are places SF can’t tax.

SF doesn’t have the money people think it does. It struggles to collect from businesses and doesn’t want to fuck up what is working in their economy. However the politicians have been convinced that the rich are the pillar of the economy and they don’t want to challenge that working economy. None of the politicians actually know how tech makes money but they see the money flowing through tech and kowtow.

The end result is a city that doesn’t want to tax the people with all the money and work to keep those super rich happy.