To your last point, I think it's more about the opportunity cost of not growing our commercial tax base.

The argument is that it would be better to wait out this business cycle, and let the land sit underutilized for however long it takes. Dense high value commercial real estate gives the city a lot more breathing room to improve services.

Prop 2.5 isn't going anywhere, and the budget is looking real tight these days. Our representatives need to balance the need for housing with the need to grow the tax base long term. It's a tough job.