Alternative min tax (AMT) is also driving high wage earners to buy expensive homes, too.

I hope SV companies allow remote work. Otherwise, I can't afford to rent a place with less than 30 mins commute.

Had a family friend sell a house 5-6 min from the future spaceship for 1.2 million. It's a tiny box and they had 8 offers over their 800k asking price on the first weekend. The highest bidder was quoted saying "It's close to work(apple)". That area is already expensive for the schools.