[shifter]

Or, as the calculus on living in the Bay Area shifts [0], top tier talent starts to direct itself elsewhere. This stems growth in the Bay Area since founding successful companies in lower cost areas will be possible, housing investment slows as a result of that, and the market naturally cools down a bit [1].

[0] Don't fool yourself into thinking that only people without the income or capital to live well in the Bay Area would leave it. There are intangibles (culture, traffic, distance to skiing, etc.) that, for some people, are non-optimal. For others, it's perfect. That's okay, humans are a varied lot (and it's a good thing).

[1] Nothing major, it will remain expensive due to geography and talent/creativity/capital density.

[jdtang13]

It's not really about tech companies, although the tech companies don't help. Contemporary conversation about Bay Area housing always makes it sound like some impossible dream that is hampered by hordes of techies. It seems to me that most of those concerns are red herrings; it's actually about zoning, local opposition, and government incompetence. The other HN comment ITT summarizes it pretty well: https://news.ycombinator.com/item?id=16970532