They should leave the Bay Area. I wouldn’t go near the Bay Area to live. I have a nice comfortable life in a major metro area in a good school system where my mortgage on my brand new build 3000 square foot house is around $2000.
But where would this end? Where does this money come from to pay them? More taxes for the SAME service at HIGHER cost? I moved from SF to NY and I feel like my high taxes benefit me much more directly than SF.
The free market should sort itself out. If the taxes go up, either salaries will go up or companies won’t be able to find workers because people won’t be willing to move there.
If companies decide that it’s not worth it to be in Silicon Valley, the demand for housing will go down as will the prices.
Sooner or later salaries/housing prices/employment opportunities/taxes will come into balance.