[majormajor]

A lot of Bay Area tech companies have basically been constantly hiring for a decade, with a lot of new companies constantly being formed as well. Talk to those folks who've been hired, and a large portion of them did not live in the Bay Area a decade ago.

The rental prices and turnover speed are another indicator of this - sure, the ones buying houses are the ones who've hit the stock jackpot, but the competition for places of any sort is intensified by the importation of well-paid talent.