Those SFH are already rentals, from small landlords that bought a second, then a third, then a fourth home.

The ship has already sailed on the redistribution, because 1) California created an artificial housing shortage from regulatory capture by home owners, and 2) condo defect law differs so much from SFH defect law that it's almost always insane to sell condos instead of renting apartments.

This is not the doing of SB 79, this was Boomers deciding to milk future generations and prevent them from having the same easy opportunity that they enjoyed.