This Op-Ed from a Santa Monica homeowner and former "Vice President of Finance for both Warner Bros and the Walt Disney Company" is bad but at least it admits that developers would prefer to build in high-rent areas, rather than speculate on a rent-gap.
https://www.citywatchla.com/index.php/cw/los-angeles/20287-city-hall-opposes-real-estate-scams-in-sacramento-but-welcomes-similar-proposals-in-its-own-backyard

Senior finance guy with a $3 million house: we gotta keep a lid on development because our land values are so high.

Rent Gap Brains: ah wrong, capital prefers to build in lower value areas.

the actual link https://smmirror.com/2020/08/losing-our-city/

You can tell this guy cares deeply about equity because he opposes 100% low-income housing (as a drain on public resources and taxpayers) *and* thinks there should be 30% inclusionary for every market-rate project.