In places like SV and Vancouver housing prices are not strongly connected to the economic reach of the median person.

China has a middle class as big as the entire US, and a huge number of millionaires in USD, and an unstable, opaque state-run economy, so huge numbers of rich Chinese are buying real estate abroad to protect their wealth and to give their kids a life in the US.

I would be happy to see a movement to keep Chinese money out of the U.S. housing market, at least in places like SV.